This section of the ISDA website is a hub for links to key information and ISDA’s work regarding Credit Derivatives – including documentation, market structure, public policy, research, market practices, guidance notes and educational materials.

ISDA’s Credit Derivatives working groups:
ISDA conducts work on Credit Derivatives issues though a variety of working groups, however there are three specific working groups focused on this asset class:

• ISDA Credit Steering Committee
• ISDA Credit Market Infrastructure Group
• ISDA Credit Derivatives Market Practice Group

To request to join an ISDA working group: (1) Create an account on the ISDA website; and (2) After you create an account, log in and go to the Committees section to view your ISDA Committee Dashboard. You can request to join and leave working groups and distribution lists.

Links to key Credit Derivatives infrastructures/documentation:

• 2014 ISDA Credit Derivatives Definitions
• ISDA Library section on Credit Derivatives
• Credit Derivatives Physical Settlement Matrix and related materials
• Credit Derivatives Determination Committees website
• ISDA CDS Standard Model

News on current Credit Derivatives initiatives:

• Determinations Committee (DC) & Governance Committee (GC) – The CDS Determinations Committees (DCs) Governance Committee (GC) was formed in September 2025 and is currently in the process of reviewing and implementing reforms for the DCs, including a new SRO implementation process, DC transparency initiatives and process efficiency improvements. More information about the GC and its work can be found on their website: https://www.cdsdeterminationscommittees.org/governance-committee/.
• Standard Reference Obligations (SROs) – ISDA has published a webinar  and an FAQ addressing the new selection process for Standard Reference Obligations (SROs).
• EU/UK CDS post-trade transparency – The new UK transparency regime went live on 1 December 2025. The draft rules for the new EU regime were published in December 2025, with an expected effective date of 1 March 2027. Single name CDS referencing G-SIBs were deemed illiquid with size threshold/deferral calibrations largely consistent with ISDA advocacy. The OTC ISIN has also been replaced by the UPI as the identifier for OTC derivatives, again in line with ISDA advocacy.

If you have any questions or would like additional information in relation to these matters, please email: ISDAMarketinfrastructureandtechnology@isda.org.