The ISDA Japan Corporate Calculation Agent City Protocol the (“Protocol”) offers market participants an efficient way to change the Calculation Agent City from London (or any other city which is not Tokyo) to Tokyo for transactions that are covered by the Protocol. The Protocol will cover single name Credit Derivative Transactions with a Confirmation that identifies or has the effect of identifying "Japan Corporate" as the relevant Transaction Type with respect to the Reference Entity.

The ISDA Japan Calculation Agent City Protocol is open to ISDA members and non-members. The adherence opens on January 12, 2010 and closes on January 22, 2010 at 5pm NY time. A party must email its Adherence Letter to ISDA by 5:00 p.m. New York time on January 22, 2010, or it will not be able to participate in the Protocol. 

Please note: The Protocol was amended on January 19, 2010 to clarify the scope of transactions covered. Changes were made to the definition of each of (i) “Credit Derivative Transaction” and (ii) “Protocol Covered Transaction” and are shown in the mark-up available below. Parties who had adhered to the previous form of the Protocol prior to the amendment each confirmed that they agreed that their adherence applied to the form of Protocol as amended.