2014 ISDA Credit Derivatives Definitions

The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives Definitions, a document that contains the basic terms used in the documentation of most credit derivatives transactions.  ISDA published the 2014 ISDA Credit Derivatives Definitions in February 2014, and trading using the new Definitions is expected to begin for most standard CDS contracts on October 6, 2014 (although some transactions may use the 2014 Definitions from September 22).

The ISDA 2014 Credit Derivatives Definitions Protocol was open from August 21 to September 17, 2014. The text of the Protocol and a link of adhering parties to the Protocol as well as guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are available on the Closed Protocols section of the Protocol Management section of ISDA’s website.

ISDA continues to work with its members on documentation and other industry infrastructure developments that are necessary to support trading on the new Definitions. This page consolidates ISDA’s implementation efforts, including links to various pieces of ISDA documentation relating to the launch of the 2014 Definitions, FAQs and other information relating to changes in operational workflows.

The 2014 ISDA Credit Derivatives Definitions are available on the Credit Derivatives Definitions, Supplements and Commentaries section of ISDA’s Bookstore, as well as a revised version of the Credit Derivatives Physical Settlement Matrix, CDX index documents and other standard CDS trading documents.

Audio recordings of market education calls related to the 2014 ISDA Credit Derivatives Definitions are available on the Member Call Archive section of ISDA’s website. Please note these calls are only available to ISDA members.

Staff Contacts:          Mark New, Senior Counsel, Americas, ISDA

                                 Andrew Kayiira, Director, US Public Policy, ISDA


DateTitle / DescriptionDocuments
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
October 2, 2014
UPDATED FAQ: 2014 Credit Derivatives Definitions & Standard Reference Obligations
ISDA has worked with its members to finalize the industry implementation plan for supporting the new 2014 Credit Derivatives Definitions (“2014 Definitions” or “new Definitions”), including the Standard Reference Obligation (“SRO”) initiative. This Frequently Asked Questions (“FAQ”) document explains the derivatives industry\'s standards in regard to operational processing for certain credit derivative transactions. (***Please Note: ISDA may update these FAQs on occasion. Please check back periodically for new versions.)
20141002 Cln_ISDA 2014 Credit Definitions FAQ.pdf
September 18, 2014
UPDATED FAQ: 2014 Credit Derivatives Definitions & Standard Reference Obligations
ISDA has worked with its members to finalize the industry implementation plan for supporting the new 2014 Credit Derivatives Definitions (“2014 Definitions” or “new Definitions”), including the Standard Reference Obligation (“SRO”) initiative. This Frequently Asked Questions (“FAQ”) document explains the derivatives industry\'s standards in regard to operational processing for certain credit derivative transactions. (***Please Note: ISDA may update these FAQs on occasion. Please check back periodically for new versions.)
20140918 Cln_ISDA 2014 Credit Definitions FAQ.pdf
September 17, 2014
ISDA Announces Updated Implementation Date for 2014 ISDA Credit Derivatives Definitions
Press Release
2014 Definitions Updated Implementation Date Press Release.pdf
September 17, 2014
2014 ISDA Credit Derivatives Definitions Implementation Summary Document
2014 ISDA Credit Derivatives Definitions ~ Implementation Summary 9.17.14.pdf
September 12, 2014
ISDA Extends Date for Adhering to the ISDA 2014 Credit Derivatives Definitions Protocol
Press Release
2014 Definitions Protocol Extension Final.pdf
September 9, 2014
UPDATED FAQ: 2014 Credit Derivatives Definitions & Standard Reference Obligations
ISDA continues to work with its members to finalize the industry implementation plan for supporting the new 2014 Credit Derivatives Definitions (“2014 Definitions” or “new Definitions”), including the Standard Reference Obligation (“SRO”) initiative. This Frequently Asked Questions (“FAQ”) document explains the derivatives industry's standards in regard to operational processing for certain credit derivative transactions. (***Please Note: ISDA may update these FAQs on occasion. Please check back periodically for new versions)
20140909 Cln_ISDA 2014 Credit Definitions FAQ.pdf
August 29, 2014
UPDATED FAQ: 2014 Credit Derivatives Definitions & Standard Reference Obligations
ISDA continues to work with its members to finalize the industry implementation plan for supporting the new 2014 Credit Derivatives Definitions (“2014 Definitions” or “new Definitions”), including the Standard Reference Obligation (“SRO”) initiative. This Frequently Asked Questions (“FAQ”) document explains the derivatives industry's standards in regard to operational processing for certain credit derivative transactions. (***Please Note: ISDA may update these FAQs on occasion. Please check back periodically for new versions)
20140829 Cln_ISDA 2014 Credit Definitions FAQ.pdf
August 28, 2014
ISDA Webcast Slides: 2014 ISDA Credit Derivatives Definitions and Protocol
The aim of the 2014 ISDA Credit Derivatives Definitions and Protocol webcast is to provide an overview of some of the important changes under the 2014 Definitions, as well as the structure and scope of the Protocol.
Final 2014 Definitions and Protocol Webcast.pdf
August 21, 2014
UPDATED FAQ: 2014 Credit Derivatives Definitions & Standard Reference Obligations
ISDA continues to work with its members to finalize the industry implementation plan for supporting the new 2014 Credit Derivatives Definitions (“2014 Definitions” or “new Definitions”), including the Standard Reference Obligation (“SRO”) initiative. This Frequently Asked Questions (“FAQ”) document explains the derivatives industry's standards in regard to operational processing for certain credit derivative transactions. (***Please Note: ISDA may update these FAQs on occasion. Please check back periodically for new versions)
20140821_ISDA 2014 Credit Definitions FAQ_G_O (2).pdf