Tuesday February 4 2014
News Source: Global Exchanges
Focus: Derivative Market Segment
Type: General
Country: International
Link: http://www2.isda.org/news/isda-2014-credit-derivatives-definitions-to-go-live-in-september
The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the 2014 ISDA Credit Derivatives Definitions will go live from September 2014. The revised version of the 2003 ISDA Credit Derivatives Definitions will contain the basic terms used in the documentation of most credit derivatives transactions.
Over the past three months, the ISDA Credit Steering Committee (CSC) has worked with infrastructure providers and clearing houses to develop an appropriate implementation schedule for the new Definitions, including an assessment of the various changes to existing infrastructure that are necessary to support the change.
This working group has determined the appropriate implementation date for the new Definitions would be the September 2014 CDS roll date.
The 2014 ISDA Credit Derivatives Definitions will introduce several new terms, including a new credit event that would be triggered by a government bail-in of a financial reference entity. A working group under the CSC began work on the revisions in May 2012, and the final Definitions will be published soon.
Click above link for further details.