London, Tuesday, January 4, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved one or more auctions may be held to settle Relevant Transactions in respect of Anglo Irish Bank Corporation Limited following its resolution on December 23, 2010 that a Restructuring Credit Event occurred. This is a subsequent and separate credit event to that which the EMEA Credit Derivatives Determinations Committee resolved on November 23, 2010 and which was settled following Auctions held on December 9, 2010.
This “Potential Auctions Resolution” is made in accordance with Section 3.2(a)(ii) of the DC Rules. The EMEA Determination Committee will only confirm whether Auction Settlement Terms will in fact be published and if so for which group(s) of Relevant Transactions, after the Buyer Exercise Cut-Off Date once it knows the volume of outstanding trades that have be triggered in the DTCC Warehouse.
The Anglo Irish Restructuring credit event will be settled under the terms of the CDS Definitions as supplemented via the ‘Small Bang Protocol’ in July 2009 to permit auction settlement following a Restructuring Credit Event.
ISDA will publish the initial list of deliverable obligations for each maturity bucket on its website, www.isda.org/credit, in due course.
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 59 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.
Documents (1) for ISDA Determinations Committee Resolves One or More Auctions May be Held for Anglo Irish
Latest
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...