Monolines

In early 2008 ISDA undertook an exercise to look at the settlement of potential monoline credit events. As part of that exercise lists of potential deliverable obligations were gathered and published on the website. More information on those lists, how they were put together and the purpose, can be found in the first link below.  This deliverable obligation information has not been updated since April 2008.

The ISDA working group that looked at the settlement of potential monoline credit events agreed to an approach which is described in the statement (second link) that was published on August 13, 2008. This statement dates from before the "big bang protocol" and the implementation of the Determination Committees. Monoline credit events will now be decided and dealt with in the appropriate Determinations Committee. It is expected that, if a monoline credit event were to occur, the Determinations Committee would publish a list of deliverable obligations in accordance with the Credit Derivatives Determinations Committee Rules. The approach outlined in the fourth paragraph of statement below therefore no longer applies.