For Immediate Release, Monday, December 21, 2009

For More Information, Please Contact:

Donna Chan, ISDA Hong Kong, +852 2200 5906, 

Cesaltine Gregorio, ISDA New York, +1 212-901-6019,

Deirdre Leahy, ISDA New York, +1 212-901-6021,


ISDA Announces Market Practice Changes for Asia CDS Markets


HONG KONG, Monday, December 21, 2009– The International Swaps and Derivatives Association, Inc. (ISDA) announces market practice changes to the trading convention for credit default swaps (CDS) in Japan and Asia ex-Japan that take effect today. These changes include the adoption of standard coupons and full first coupons in CDS transactions.


“These changes are a product of industry-wide dialogue and coordinated efforts among ISDA members to promote standardization, transparency and liquidity in the Asia CDS markets," said Keith Noyes, ISDA Regional Director, Asia Pacific.


Changes include the following:




Over the course of 2009, the industry successfully adopted fixed coupons in North America in April, in Europe in June and in Emerging Markets in Europe, the Middle East, Latin America and Australia/New Zealand in September.


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 58 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:

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