Credit Derivatives / Credit Default Swaps

This section catalogues ISDA’s work across the credit derivatives space:  documentation, public policy, market structure, market practices, research and other areas.

Key links

Definitions, Matrices and Bookstore page

Credit Derivatives Initiatives


Links to documentation, matrices, best practice statements, guidance notes, FAQs, memorandums and other useful material pertaining to the Credit Derivatives on the Market Infrastructure and Technology page:

As with all market information and guidance that ISDA disseminates, parties are free to choose alternate means of addressing the event. Each market participant remains responsible for considering its own documentation and the specific terms of its own trades and forming its own conclusion on the proper interpretation of events.

DateTitle / DescriptionDocuments
May 2, 2017
Best practice for booking/confirming single-name Credit Default Swap Transactions spun off from Index Transactions following a Restructuring Credit Event
Restructuring Credit Event Spin-off Best Practice_04212017.pdf
June 2, 2016
ISDA Credit Steering Committee Statement ~ Norske Skogindustrier ASA spin-off CDS
Credit Steering Committee Statement 02 June 2016.pdf
May 22, 2015
Guidance for Confirmation of Bespoke Tranched Transactions that Include Reference Entities Excluded from the ISDA 2014 Credit Derivatives Definitions Protocol
Guidance for Confirmations of Bespoke Tranched Transactions.pdf
November 18, 2014
Best Practices for Single-name Credit Default Swap Confirmations Regarding Reference Obligation or Standard Reference Obligation
20141118 Final_SRO confirmation best practice table.pdf
September 22, 2014
Credit Derivatives Physical Settlement Matrix
Matrix / 2014 Confirmation / 2003 Confirmation
Click here to view/download excel (format) - Matrix Versions
Click here to view/download word (format) - 2014 Definitions Matrix Confirmations
Click here to view/download word (format) - 2003 Definitions Matrix Confirmations
October 9, 2013
CDS on US Sovereign Debt - FAQ
Responses to some frequently-asked questions that ISDA has received in connection with a potential CDS Credit Event on US sovereign debt. This does not constitute legal advice, and is subject in all respects to any determination that the ISDA Americas Credit Derivatives Determinations Committee may make in relation to CDS referencing the United States. ISDA makes no comment on the likelihood of the events described in this FAQ.
CDS on US Sovereign Debt FAQ 2013-10-09.pdf
July 15, 2013
2003 ISDA Credit Derivatives Definitions – Note on Implementation Timing Proposal and Key Changes Products
20130715 Cln_Credit Definitions implementation timing and key changes revised.pdf
December 19, 2012
Standardized Credit Products
Frequently Asked Questions (FAQ) on operational standards
September 19, 2012
ISDA Tranche Working Group: Roll Convention
ISDA Tranche Working Group ~ Sep 19 2012.pdf
June 28, 2012
Memorandum on the processing of Unitymedia GmbH transactions