ISDA®
INTERNATIONAL
SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Thursday, October 9, 2008
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
ISDA to Publish Protocol for Kaupþing
Banki
LONDON, Thursday, October 9,
2008 – The International Swaps and Derivatives Association, Inc. (ISDA)
today announced that, after consultation with industry participants, it will
launch a protocol to facilitate settlement of credit derivative trades
involving Kaupþing Banki hf, for
which a “receivership committee” was appointed on Thursday, October 9,
2008.
ISDA has previously announced
that it will launch credit derivatives protocols in relation to two other
Icelandic banks,
The Protocol will be open to ISDA members and non-members alike. ISDA will publish further details in due course and these will be available at www.isda.org.
ISDA’s protocol mechanism has helped facilitate a seamless settlement procedure for other trades. ISDA has also successfully
implemented Protocols for credit
derivative transactions referencing Tembec, Fannie
Mae and Freddie Mac. The auction in relation to the Lehman
Brothers Holdings Protocol is scheduled for October 10.
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
850 member institutions from 56 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 & Derivatives Association, Inc.