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ISDA’s 2014 credit derivatives definitions will enter into force on 22 September 2014. Nigel Dickinson, partner in the capital markets team at Norton Rose Fulbright LLP considers the main changes and what lawyers can do to best prepare for the changes.
Press Release: ISDA Publishes ISDA 2014 credit derivatives definitions
A new standard reference obligation allowing for the adoption of a standardised reference obligation across credit default swap (CDS) contracts is among the new terms introduced in revised credit derivatives definitions published by the International Swaps and Derivatives Association (ISDA). The new definitions will be implemented on the September 2014 CDS roll date, but will only apply if parties reference them in their trade documentation for new trades or agree to amend the documentation for existing transactions through the use of a protocol.
The 2014 definitions introduce a number of new concepts, including:
Further details are available on ISDA’s website. ISDA has also published a protocol relating to the 2014 definitions, which will allow parties to incorporate the terms of the 2014 definitions into their existing CDS transactions (and for a certain period of time, new CDS transactions) by adhering to such protocol (the protocol).
Trading on the 2014 definitions is scheduled to begin on 22 September 2014 (the next iTraxx roll date) and from then onwards the credit derivatives market will move to trading on the 2014 definitions as the new market standard. Participants will be able to upgrade their existing CDS on the old definitions to the 2014 definitions in advance of 22 September 2014 by adhering to the protocol, subject to carve-outs for CD
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