ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

MEDIA ADVISORY

For Immediate Release, Thursday, July 9, 2009

For More Information, Please Contact:

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

Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org

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

ISDA Presents Webcast on 'Small Bang Protocol'

and Restructuring Supplement

NEW YORK, Thursday July 9, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today launched a webcast outlining key points of its 'Small Bang Protocol' and Restructuring Supplement. The webcast, which includes a brief slide presentation, discusses the implementation of an auction settlement following a Restructuring Credit Event, and is available at http://secure.webex.com/g2.asp?id=JE5BAOZS.

The webcast features Robert Pickel, ISDA Executive Director and Chief Executive Officer; David Geen, ISDA General Counsel; and Karel Engelen, Director and Global Head of Technology Solutions for ISDA.

Following the publication of the March 2009 Supplement and Protocol -- the so-called 'Big Bang Protocol' -- market participants developed a series of amendments to apply Auction Settlement following a Restructuring, while replicating, to the extent practicable, the maturity limitation requirements for Deliverable Obligations contained in the 2003 Definitions.

The webcast outlines the proposed amendments, which will be set out in a new supplement to the 2003 Definitions (the Restructuring Supplement). The Restructuring Supplement will be incorporated into the Confirmations of new CDS contracts and into existing CDS contracts via a new ISDA protocol, commonly referenced as 'Small Bang Protocol'.

The Supplement and the Protocol are critical to allow for auction settlement of contracts with Restructuring Maturity limitations. While the Protocol applies to existing North American, European and most Emerging Market trades, the Supplement impacts trading going forward and is particularly relevant for European and certain Emerging Market trades, where restructuring with maturity limitations are still part of the standard contract.

The adherence period for the Protocol is expected to open on July 13 and run until July 24, 2009. The market practice changes set out by the Protocol will take effect on Monday, July 27.

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 830 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.