The International Swaps and Derivatives Association, Inc. (ISDA) announced today that it has published amendments to the Credit Derivatives Determinations Committees (DC) Rules with respect to release of information regarding DC meetings.
ISDA, in its capacity as Secretary to the Determinations Committees, will now draft a Determinations Committee Meeting Statement at the conclusion of each DC meeting. The Meeting Statement will describe the issues considered during such DC meeting, the resolution of such issues (if any) and the next steps of the relevant DC (if any). Following a review period by the relevant DC, ISDA will publish the statement on its website.
“Since its formation, the Credit Derivatives Determinations Committees process has proven to be an efficient, robust and valued tool for the credit default swap market,” said Robert Pickel, ISDA Chief Executive Officer. “ISDA is committed to ensuring the Determinations Committees continue to evolve and reflect the market environment in which they operate. To that end, the published amendments to the DC Rules, which will outline to the market the issues considered and the resolutions reached, are an important step forward in improving the overall transparency of the DC process.”
The initiatives announced today further increase the level of transparency related to DC activities and decisions. Existing transparency measures include the publication of the firms participating on the DCs and each individual DC member’s votes.
The published amendments are available on the ISDA Credit Derivatives Determinations Committees website.
