The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
In 1999 the first set of credit derivatives definitions were published which were followed by a new version in 2003, the 2003 ISDA Credit Derivative Definitions (the 2003 Definitions). In March 2009, ISDA published the 'big bang protocol' swiftly followed in June by the 'small bang protocol' which, among other things, hardwired the concept of auction settlement (see Practice Note: Credit derivatives—settlement procedures — Auction settlement) into the 2003 Definitions. Parties who wanted these protocols to apply to their transactions had to sign up to the big bang and/or small bang protocols and then the new terms set out in these protocols would apply for certain types of credit derivative transactions (defined as 'Protocol Covered Transactions' in the protocols). In October 2014, the 2014 ISDA Credit Derivatives Definitions (the 2014 Definitions) went 'live'. The 2014 Definitions update and enhance the 2003 Definitions and are therefore the first major overhaul of credit derivative definitions in over a decade. Although they are largely based on the 2003 Definitions and incorporating the protocols of 2009, they also include a number of new concepts as well as tidying up existing provisions to make them easier to read and better fit with how the credit derivatives market operates and the changing regulatory environment
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