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The International Swaps and Derivatives Association, Inc. (ISDA) today announced the outcome of the annual process to determine members of ISDA's five regional Determinations Committees, which together comprise the global decision-making structure around events in the credit default swaps (CDS) industry.
The Determinations Committees were established in March 2009, as a key element of the process by which CDS auction settlement was incorporated into standard ISDA CDS documentation. The Committees make binding determinations, such as whether a credit event has occurred, whether an auction will be held and what obligations are deliverable for purposes of the auction. There are five regional Committees, each comprising 12 dealer firms, of which two are consultative (non-voting), and six non-dealer (buy-side) members, of which one is consultative. The determinations are made in accordance with the criteria set out in the Determinations Committees Rules.
“The Determinations Committees are a critical component of the CDS market infrastructure. As recent events have shown, they are a robust, transparent and effective mechanism for determining questions that impact the CDS industry,” said David Geen, General Counsel, ISDA. “As always, we are grateful to all the institutions involved for their ongoing commitment to this important process.”
The firms, which will serve on the Committees effective April 30, 2012, are set out below:
Voting Dealers (for all regions):
Bank of America N.A.
Barclays Bank plc
Citibank, N.A.
Credit Suisse International
Deutsche Bank AG
Goldman Sachs International
JPMorgan Chase Bank, N.A.
Morgan Stanley & Co. International plc
UBS AG
Consultative Dealer (for all regions):
Nomura International plc
Voting Non-Dealers (for all regions):
Citadel LLC
D.E. Shaw Group & Co., L.P.
BlueMountain Capital Management, LLC
Pacific Investment Management Co., LLC
Elliott Management Corporation
Regional Dealers:
Americas Voting Dealer: BNP Paribas
Americas Consultative Dealer: Société Générale
Europe Voting Dealer: BNP Paribas
Europe Consultative Dealer: Société Générale
Japan Voting Dealer: Mizuho Securities Co., Ltd
Japan Consultative Dealer: BNP Paribas
Asia Ex-Japan Voting Dealer: BNP Paribas
Asia Ex-Japan Consultative Dealer: Société Générale
Australia / New Zealand Voting Dealer: BNP Paribas
Australia / New Zealand Consultative Dealer: Société Générale
Consultative Non-Dealer (for all regions):
MetLife, Inc.
The Determinations Committee rules and CDS documentation are available on ISDA’s website:
http://www.isda.org/credit/.
