NEW YORK, November 28, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee (DC) voted on the question of whether a Failure to Pay Credit Event had occurred in respect of SEAT PAGINEGIALLE S.P.A. The relevant supermajority of DC members required for the question to be decided was not reached.
The DC Rules provide that where the DC does not reach a supermajority on a question raised to it, the question is to be referred to a panel of three independent experts who will decide the question. The same process was used in the case of Cemex S.A.B. de C.V. in November 2009.
ISDA will publish further information regarding the progress of this question on its website, www.isda.org/credit, in due course.
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 825 member institutions from 57 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org.