For
Immediate Release Friday, May 11, 2001
For More
Information, Please Contact: Stacy Carey, scarey@isda.org,
ISDA New York,
Tel (212) 332-1200; Fax (212) 332-1212
ISDA PUBLISHES CREDIT DERIVATIVES
RESTRUCTURING SUPPLEMENT
New York, Friday, May 11, 2001 – The International Swaps and Derivatives Association announced today that it has finalized and published the Restructuring Supplement to the 1999 ISDA Credit Derivatives Definitions, Commentary on Restructuring Supplement .
“The Supplement represents the consensus of a diverse range of constituents in the credit derivatives markets, including portfolio managers, credit protection sellers and dealers,” said Robert Pickel, Executive Director and CEO of ISDA. “Completion of the Supplement should help to ensure market integrity, which will promote continued growth in the use of credit default swaps,” added Mr. Pickel.
The Supplement was previewed at the Association’s Annual General Meeting in Washington, D.C., last month. Since then, market practitioners and legal professionals active in ISDA’s Credit Derivatives Market Practice Committee have worked to finalize several details in the proposal, including the definition of an eligible transferee for certain deliverable obligations under a credit derivative transaction.
The full text of the Restructuring Supplement is available on ISDA’s web site, www.isda.org.