ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Friday, March 26, 2010
For More Information, Please
Contact:
Cesaltine Gregorio, ISDA New York,
+1 212-901-6019, cgregorio@isda.org
Deirdre Leahy, ISDA New York, +1
212-901-6021, dleahy@isda.org
Donna Chan, ISDA Hong Kong, +852
2200 5906, dchan@isda.org
ISDA to Publish Auction Terms for Ambac
NEW
YORK, Friday, March 26, 2010 – The International Swaps and Derivatives Association, Inc.
(ISDA) announced that its Americas Credit Derivatives Determinations Committee
resolved that a bankruptcy credit event has occurred in respect of Ambac
Assurance Corporation, which provides financial guarantee insurance for public
and structured finance obligations. The Committee also voted to hold an auction
for Ambac.
ISDA will facilitate the process by
publishing the auction terms on its website www.isda.org/credit,
in due course. The auction will be administered by Markit and Creditex.
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 810
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.