ISDA CDS Licensing Changes


In settling claims brought against ISDA in the matter In re CDS Antitrust Litigation, ISDA has established and empowered a new committee to review licensing requests and issue licenses for use of ISDA’s intellectual property (“Licenses”) in connection with an exchange-traded credit derivatives product in a regulated market within the United States.  ISDA will publish on this webpage the names of the Licensing Sub-Committee membership after it has been finalized. 

In addition, to address the preliminary competition concerns the European Commission (the “Commission”) identified in its Statement of Objections dated 1 July 2013 in case COMP/AT.39745 – CDS Information Market, ISDA offered commitments to the Commission (the “EC Commitments”), which are rendered legally binding by the Commitments Decision adopted by the Commission on 20 July 2016.  Pursuant to the EC Commitments, ISDA has disbanded the Licensing Sub-Committee of the Credit Steering Committee and delegated full authority to ISDA’s Chief Executive Officer to grant Final Price Trading Licenses in accordance with the terms of the EC Commitments.


Licensing Framework and Committee Charter (Requests for use of IP in a Regulated U.S. Market)

ISDA has established the following Licensing Sub-Committee charter, which establishes the committee and provides the authorization necessary to grant or deny Licenses, and the following Licensing Procedure and Framework to govern the Licensing Sub-Committee’s approval of Licenses for use in a regulated market within the United States. Applicants for such a license to the Final Price may opt to pursue a license through this Framework instead of using the procedure contemplated by the EC Commitments, which applies to applicants for licenses to the Final Price worldwide.

Licensing Sub-Committee Charter

Licensing Procedure and Framework

Publication of EC Commitments (Global Licensing Requests)

In accordance with the terms of the EC Commitments, ISDA has published the full EC Commitments here.

Monitoring Trustee

ISDA has appointed Grant Thornton UK LLP (“Grant Thornton”) as Monitoring Trustee pursuant to ISDA’s obligations under the EC Commitments.  Grant Thornton may be contacted at the below address:

Grant Thornton UK LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
United Kingdom

Mark Byers

Phone: +44 (0)20 7728 2522

Craig Reed

Phone:  +44 (0)20 7728 2324

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