ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Wednesday, March 31, 2010
For More Information, Please
Contact:
Deirdre Leahy, ISDA New York, +1
212-901-6021, dleahy@isda.org
Rebecca O'Neill, ISDA London, +44
203 088 3586, roneill@isda.org
Donna Chan, ISDA Hong Kong, +852
2200 5906, dchan@isda.org
ISDA
Announces Annual Determinations Committees Outcome
NEW YORK, Wednesday,
March 31, 2010 – The International Swaps and
Derivatives Association, Inc. (ISDA) today announced the outcome of the annual
process to determine members of ISDA's five regional Determinations Committees,
which together comprise the global decision-making structure around events in
the CDS industry.
The Determinations Committees were established in March 2009,
as a key element of the process by which CDS
auction settlement was incorporated into standard ISDA CDS documentation. The
Committees make binding determinations, such as whether a credit event has
occurred, whether an auction will be held and what obligations are deliverable
for purposes of the auction. There are five regional Committees, each
comprising twelve dealer firms, of which two are consultative (non-voting) and six
non-dealer (buy-side) members, of which one is consultative. The
determinations are made in accordance with the criteria set out in the
Determinations Committees Rules.
“The Determinations Committees have proven to be an important addition
to the CDS market infrastructure and an effective mechanism for resolving a
range of questions that impact the CDS industry,” said David Geen, General
Counsel, ISDA.
“In their first year of operation the Determinations
Committees have resolved more than 50
questions raised by market participants. We would like to thank all the institutions
involved for the time and resources they have dedicated to this important process.”
The firms which
will serve on the Committees are set out below.
Global Voting Dealers (for all regions):
Global
Consultative Dealer (for all regions):
Voting Non-Dealer
(for all regions):
Regional Dealers
Americas Voting Dealers: Citibank, The Royal Bank of ScotlandEurope Voting
Dealers: The Royal Bank of Scotland, BNP Paribas
Europe Consultative
Dealer: Citibank
Japan Voting Dealers:BNP Paribas, Mitsubishi UFJ
Securities
Japan Consultative
Dealer: Mizuho
Securities
Asia Ex-Japan
Voting Dealers: Citibank, The Royal Bank of Scotland
Asia Ex-Japan Consultative
Dealer: BNP Paribas
Australia / New
Zealand Voting Dealers: Citibank, Societe Generale
Australia / New
Zealand Consultative Dealer: The Royal Bank of Scotland
Consultative
Non-Dealer (for all regions):
The Determinations Committee rules and CDS documentation are available
on ISDA’s website www.isda.org.
A set of frequently asked questions and other information are also available
there.
ISDA,
which represents participants in the privately negotiated derivatives industry,
is among the world’s largest global financial trade associations as measured by
number of member firms. ISDA was chartered in 1985, and today has over 820
member institutions from 57 countries on six continents. These members include
most of the world’s major institutions that deal in privately negotiated
derivatives, as well as many of the businesses, governmental entities and other
end users that rely on over-the-counter derivatives to manage efficiently the financial
market risks inherent in their core economic activities. Information
about ISDA and its activities is available on the Association's web site: www.isda.org.
ISDA® is a
registered trademark of the International Swaps & Derivatives Association,
Inc.