ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Monday, December 21, 2009
For More Information, Please Contact:
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org
Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org
ISDA Announces Market
Practice Changes for
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,
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: www.isda.org.
ISDA® is a registered trademark of the International Swaps and Derivatives
Association, Inc.