The goal of the Second ISDA Japan Corporate Calculation Agent City Protocol the (“Second Protocol”) is to change, in respect of transactions that are covered by the Second Protocol, the Calculation Agent City to Tokyo with respect to any Reference Entity that the Confirmation identifies or has the effect of identifying "Japan Corporate" or "Japan Sovereign" as the relevant "Transaction Type" as of the relevant date of making a determination in respect of such Reference Entity, e.g. whether an Event Determination Date has occurred with respect to a Credit Event relating to such Reference Entity.   The Protocol will cover single name Credit Derivative Transactions with a Confirmation that identifies or has the effect of identifying "Japan Corporate" as the relevant Transaction Type with respect to the Reference Entity.  Also covered in the Second Protocol are Credit Derivative Transactions that are bespoke portfolio transactions and index transactions (including CDX and Itraxx Tranched and Untranched).  See FAQ's below for further details.

The ISDA Japan Calculation Agent City Protocol is open to ISDA members and non-members. The adherence opens on March 2, 2010 and closes on March 17, 2010 at 5pm NY time. A party must email its Adherence Letter to ISDA by 5:00 p.m. New York time on March 17, 2010, or it will not be able to participate in the Protocol. 

Please note:  Parties that signed up to the Original ISDA Japan Corporate Calculation Agent City Protocol are NOT automatically adhered to the Second Protocol.  A party that adhered to the Original Protocol and now wishes to make the changes discussed above would therefore need to adhere to the Second Protocol.