Alerts

ISDA Publishes ‘Small Bang Protocol’ Allowing Auction Settlement Following Restructuring Credit Events

July 17, 2009

On July 14, 2009, the International Swaps and Derivates Association, Inc. (“ISDA”) published the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement (the “July 2009 Supplement”) to the 2003 ISDA Credit Derivatives Definitions (the “2003 Definitions”) and the related 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol (the “Small Bang Protocol”) through which counterparties to a credit default swaps (“CDS”) can incorporate the terms of the July 2009 Supplement into their existing contracts. Capitalized terms used but not defined herein have the meaning ascribed thereto in the 2003 Definitions.