The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives Definitions, a document that contains the basic terms used in the documentation of most credit derivatives transactions.  ISDA published the 2014 ISDA Credit Derivatives Definitions in February 2014, and trading using the new Definitions is expected to begin for most standard CDS contracts on October 6, 2014 (although some transactions may use the 2014 Definitions from September 22).

The ISDA 2014 Credit Derivatives Definitions Protocol was open from August 21 to September 17, 2014. The text of the Protocol and a link of adhering parties to the Protocol as well as guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are available on the Closed Protocols section of the Protocol Management section of ISDA’s website.

ISDA continues to work with its members on documentation and other industry infrastructure developments that are necessary to support trading on the new Definitions. This page consolidates ISDA’s implementation efforts, including links to various pieces of ISDA documentation relating to the launch of the 2014 Definitions, FAQs and other information relating to changes in operational workflows.

The 2014 ISDA Credit Derivatives Definitions are available in the Credit Derivatives section of the ISDA Library, as well as a revised version of the Credit Derivatives Physical Settlement Matrix, CDX index documents and other standard CDS trading documents.

Audio recordings of market education calls related to the 2014 ISDA Credit Derivatives Definitions are available on the Member Call Archive section of ISDA’s website. Please note these calls are only available to ISDA members.

Staff Contact: Mark New, Senior Counsel, Americas, ISDA