INTERNATIONAL: The International Swaps and Derivatives Association, Inc. (ISDA) Publishes ISDA 2014 Credit Derivatives Definitions

Monday February 24 2014

The International Swaps and Derivatives Association, Inc. (ISDA) has announced the publication of the 2014 ISDA Credit Derivatives Definitions, a revised version of the 2003 ISDA Credit Derivatives Definitions that contains the basic terms used in the documentation of most credit derivatives transactions.

In addition to these new terms, the 2014 ISDA Credit Derivatives Definitions contain several amendments to standard credit derivatives trading terms, including: upgrading provisions dealing with transfers of debt to successor reference entities; expanding the scope of guarantees that can be hedged with CDS; rationalizing the treatment of contingent debt and guarantee obligations; addressing currency redenomination issues; and adjustments to the restructuring settlement mechanism.

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