For Immediate Release Thursday, February 21, 2008

For More Information, Please Contact:

Louise Marshall, ISDA New York, 212-901-6014,

Carmen Neumann, ISDA London, +44 203 088 3554;



NEW YORK, Thursday, February 21, 2008 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced its intention to gather and publish on its website a list of obligations for which a monoline insurer is the reference entity.


The purpose of the list is to provide information as to the range of obligations that market participants believe may be delivered in the occurrence of a credit event.  ISDA members have noted that, in the current financial environment, and given the potential size of this information-gathering exercise, it is prudent for ISDA to ensure that if a credit event occurs in respect of a widely traded reference entity, ISDA and market participants are prepared to implement a settlement auction or other mechanism that will serve the market’s needs.


Publication of the list does not indicate that ISDA believes that such a credit event with respect to any particular entity or class of entities is imminent or likely.


Dealers that are CDX market makers may contribute information directly to ISDA. Other parties are encouraged to contribute through one of those dealers. ISDA will update the list regularly. Answers to frequently asked questions are available at


About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has approximately 815 member institutions from 55 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities.  Information about ISDA and its activities is available on the Association's web site:


®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.