Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that the International Swaps and Derivatives Association, Inc. (ISDA) has chosen ICE Benchmark Administration (IBA) to be the Secretary to the ISDA Credit Derivatives Determinations Committees (DCs).
Following a transition period of approximately six months, as DC secretary IBA will become responsible for maintaining and operating all infrastructure required to administer the DC process and ensuring that the process is robust, transparent and meets regulatory and governance standards.
“We are delighted to have been selected to run ISDA’s Credit Determinations Committees,” said Finbarr Hutcheson, President, IBA. “IBA is one of the world’s most experienced and trusted administrators of regulated benchmarks. ISDA’s decision reflects the trust the market has in our capability to adapt our best in class governance standards and technology to critical market services.”
The Determinations Committees each comprise ten sell-side and five buy-side voting firms, alongside consultative firms and central counterparty observer members. They are responsible for determining whether credit events have occurred in the credit default swaps market by comparing publicly available information on particular events with the legal definitions contained in market-standard credit derivatives documentation. More information about the DCs is available on the Determinations Committee section of ISDA’s website at http://dc.isda.org/.
The Determinations Committees Secretary role is currently held by ISDA. IBA will work closely with ISDA and the Determinations Committees during the coming six months to ensure a smooth transition.
