For Immediate Release Wednesday, June 9, 2004
For More Information Contact: Louise Marshall, (212) 901-6000; lmarshall@isda.org
The International Swaps and Derivatives
Association, Inc. (“ISDA”) has issued guidance for parties to over-the-counter
derivative transactions that are affected by the closing of
The guidance has been posted at the
Association's web site: www.isda.org.
It covers operation of the following derivative transactions:
·
Exercise,
Valuation and Expiration of Option Transactions under the 2002 ISDA Equity
Derivatives Definitions or the 1996 ISDA Equity Derivatives Definitions
·
Options, Rate Resets and Swaptions
under the 2000 ISDA Definitions
·
Commodity Derivative Transactions under the 1993 ISDA
Commodity Derivatives Definitions
·
Credit Derivative Transactions under the 2003 ISDA Credit
Derivatives Definitions
·
Payments
ISDA has issued this guidance in the
interest of mitigating market risk and the promotion of orderly valuation and
settlement of positions by market participants. Parties are not obliged to
follow the guidance and may choose alternate means of addressing the
event. ISDA encourages firms to
establish contact with their clients in advance of June 11.
About ISDA
ISDA is the global trade association representing leading participants in the
privately negotiated derivatives industry. ISDA was chartered in 1985, and
today has more than 600 member institutions from 46 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
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