ISDA has published a further Supplement (the "Restructuring Supplement") to the 2003 ISDA Credit Derivatives Definitions to extend the auction hardwiring provisions (implemented by the Big Bang Protocol on April 8, 2009) to Restructuring credit events, while replicating, to the extent practicable, the maturity limitation requirements for Deliverable Obligations contained in the 2003 Definitions. The Restructuring Supplement can be incorporated into the Confirmations of new CDS contracts and into existing CDS contracts via the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol (the "Small Bang Protocol")

The Small Bang Protocol also offers parties a second and final opportunity to adhere to the Big Bang Protocol which closed for Adherence on April 7, 2009.   By adhering to the Small Bang Protocol, a party that did not adhere to the Big Bang Protocol will be deemed to have adhered to the Big Bang Protocol. For a full explanation and related documentation to the Big Bang Protocol click here.

The adherence Period for the Small Bang Protocol opens on July 14, 2009 and closes on July 24, 2009 at 5pm NY time.

In accordance with paragraph 2(e) of the Small Bang Protocol, there will be a Subsequent Adherence Period for the Small Bang Protocol, which will open on Monday October 5, 2009 and close on Monday January 31, 2011 at 5pm New York time. Parties may only adhere to the Protocol during the Subsequent Adherence Period using the updated form of Adherence Letter which is available below.  Parties should use this Adherence Letter and NOT the form that appears as Exhibit 1 to the Small Bang Protocol.

Determinations Committee amendments to and interpretations of the Big Bang Protocol and Small Bang Protocol


Sign Up to the Small Bang Protocol
Restructuring Materials

Operations Materials

Additional Material
Robert Pickel - Small Bang Protocol