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
October 8, 2010
Credit Novation Consent Equals Confirmation: Presentation and link to Additional Provisions
Operational Best Practice Materials - PDF Presentation explaining the market practice changes to the Credit Novation Consent process. The two step practice of consent followed by confirmation is being replaced by an automated single step process for parties to provide their consent and their legal confirmation to a Novation simultaneously; Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions: to download, visit: http://www.isda.org/cgi-bin/_isdadocsdownload/download.asp?DownloadID=457
Consent-Equals-Confirmation.pdf
August 24, 2010
Monoline Insurer Reference Entities
The purpose of this list is to gather and disseminate information as to the reference entity names that market participants believe to be monoline insurers which may be referenced as such in a standard credit default swap. ISDA members have advised that it is current market practice to refer to Schedule 2 to the Monoline Supplement Agreement published by ISDA on Feb 29, 2008, when attempting to identifying monoline reference entities. As Schedule 2 is a stagnant list, ISDA members have suggested that it would be helpful to prepare and publicize a revised list of names in order to provide market participants with an ongoing source for identifying former and current monoline reference entities.
Monoline-Reference-Terms.html
August 24, 2010
Strategic Restructuring
ISDA Operational Best Practices Call - Recordings
83876728-us.mp3
July 31, 2009
Electronic Credit Derivative Commitment Document
Credit Derivative operational commitment for processing all transactions electronically
ElectronicCreditCommitment.pdf
July 14, 2009
Small Bang Protocol
Archive of previous Operational Material - These documents set forth the Tactical operational proposals which were previously implemented for processing various transactions under the Small Bang Protocol. These processes are no longer considered current.
index.html
February 20, 2009
Succession Events
Best Practices on Reference Obligation amendments.
RefObAmendsforSuccessionEventsFinal.pdf
May 6, 2008
Deemed Trade
Best Practices for called and matured bond
Deemed-trade-matured-bond-best-practices.pdf
February 23, 2008
Called Subordinated Notice
This Best Practice language indicates firms' intention that trades confirmed inclusive of a Subordinated Reference Obligation that was matured or called as of the Trade Date is a trade with the Subordination of the Reference Obligation as of the date on which it was redeemed.
download.asp?d
September 27, 2007
European LCDS
Best practice standard elections
Standard-Elections-for-European-LCDS.pdf
June 4, 2007
LPN Procedure Document
LPN-procedure-document.pdf