Alerts

ISDA Publishes Supplement to 2003 Credit Derivatives Definitions and ‘Big Bang’ Protocol

March 17, 2009

The International Swaps and Derivatives Association Inc. (“ISDA”) has published the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement (the “Supplement”) to the 2003 ISDA Credit Derivatives Definitions (the “Definitions”) and the related 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (the “Protocol”). According a March 12, 2009, ISDA press release, the Supplement and the Protocol (also known as the “Big Bang Protocol”) represent a “major milestone” for the “efficient, liquid and transparent” operation of the credit default swap (“CDS”) market.