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 Bookstore section on Definitional Booklets/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:
- ISDA Launches Independent Review of DC Process – ISDA announced the start of the independent review of the Determinations Committees (DCs). Please find attached the press release. It notes that ISDA has selected Linklaters LLP to conduct this independent review. We are also requesting market participants submit initial high-level summaries of issues and potential solutions that should be considered as part of the review of the governance and structure of the DCs. If you would like to submit such a summary of issues, please do so by January 5th.
- Standard Reference Obligations (SROs) – ISDA is working with the Credit Steering Committee, the SRO Administrator and the Determination Committees on a solution to increase the number of Reference Obligations for which SROs are published (for more information, please contact jmartin@isda.org).
- EU/UK CDS post-trade transparency – ISDA Public Policy team is engaging with EU and UK regulators regarding appropriate product scope, size threshold/deferral calibrations, and instrument identifiers for a workable post-trade transparency regime for credit derivatives (for more information, please contact rcogan@isda.org and ftaylor@isda.org)
If you have any questions or would like additional information in relation to these matters, please email: marketinfrastructureandtechnology@isda.org.