ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Thursday, April 23, 2009

For More Information, Please Contact:

Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@isda.org

Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org

Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org

Lauren Dobbs, Kennedy & Co., +1 914-961-2436, ext. 15, lauren@kennedycom.com

ISDA to Publish Auction Terms for Edscha

New York, Thursday, April 23, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of Cancellable  European loan-only credit default swap (ELCDS) trades referencing certain loan obligations of Edscha AG, the automobile parts supplier.

Cancellable ELCDS transactions refer to Reference Obligations rather than Reference Entities as is the case in regular CDS and North American LCDS.

The Markit iTraxx LevX Market Makers have determined that the Reference Entity (Edscha AG) became insolvent and have voted to hold an auction for Cancellable ELCDS transactions referencing certain Reference Obligations.

ISDA will facilitate the process by publishing the auction terms on its website www.isda.org, in due course. The auction terms, including the auction date, will be determined by the Markit iTraxx LevX Market Makers dealers. ISDA will also publish a protocol to update the settlement method of legacy trades based on certain previously published cancellable (non-ISDA) documentation and LevX Series 1 trades including single name and LevX Series 1 trades on Edscha, which will be open to ISDA members and non-members alike. The auction will be administered by Markit and Creditex.

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 over 820 member institutions from 57 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: www.isda.org.

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