The Credit Derivatives Determinations Committee announced on December 15 that a restructuring credit event has occurred with respect to Ardagh. An ISDA Credit Market Infrastructure Group call was held on December 15 to discuss the processing of this event.
The result of that call was that infrastructure providers will run the ‘spin-off’ process (where the reference entity is removed from index credit default swaps (CDS) and spun off into separate single-name CDS for the purposes of facilitating triggering in due course) overnight on the December 17, effective Thursday December 18, 2025.
Trading on the new index versions will therefore commence on (and be eligible for clearing from) Thursday December 18, 2025.
Please contact ISDA, DTCC, S&P Global or the clearing houses with any questions or for further information.
Latest
ISDA In Review – June 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in June 2026.
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
Letter on EU Legislative Reform
On July 1, ISDA and 11 other trade associations published a statement on enhancing the EU legislative and supervisory framework to support market competitiveness. The statement highlights a significant opportunity to strengthen the EU’s regulatory and supervisory framework through the...
Response to CPMI-IOSCO Margin Proposals
On June 29, ISDA submitted a response to a consultation from the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) on updated guidance and public quantitative disclosures to implement the 2025 margin proposals....