Regional
Member Conference
At its New York Regional Member Conference in September, ISDA reinforced its commitment to leading industry efforts in improving operational efficiencies with the announcement of a new credit derivatives protocol. ISDA’s new protocol provides a mechanism that permits cash settlement of single-name, index, tranche and certain other plain vanilla credit derivative transactions.
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UK Pension Funds
ISDA submitted further material to the UK Pension Protection Fund (PPF). The PPF deferred any possible recognition of credit derivatives in under-funded pension schemes until the 2008-09 levy year. The material submitted by ISDA maps the credit protection afforded by a credit default swap transacted under the standard terms set out in the ISDA Definitions to the protection required under the PPF’s rules for pension funds exposed to default on the part of a sponsoring employer.
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CDS on MBS and CDO
ISDA circulated a pre-publication draft for a Standard Terms Supplement on mortgage backed securities (MBS) transactions.
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