Implementation of the new 2014 ISDA credit derivative definitions - new dates announced

18 September 2014

Further to our recent notes on the implementation of the 2014 ISDA Credit Derivatives Definitions, ISDA yesterday announced that the expected date for trading most standard credit derivatives on the 2014 Credit Derivatives Definitions will now be 6 October 2014.

ISDA had previously intended that trading on the 2014 Credit Derivatives Definitions would commence on 22 September 2014. However, given the recent announcement that the implementation of the changes to existing trade populations brought about by the ISDA Credit Derivatives Protocol would be delayed from 22 September to 6 October, ISDA’s Credit Steering Committee recommended that the dates for trading and for changes to the legacy population be aligned.

ISDA has published a summary of implementation considerations to deal with the transitions now required on 22 September and 6 October. A link to PDFs of the ISDA press release and of the summary document, both dated 17 September 2014, is here.

Markit has announced that it will publish a new series of the CDX and iTraxx indices with a delayed annex date of 6 October, although the effective date for the indexes remains 22 September. A link to the Markit announcement is here.

Separately, the ISDA Credit Derivatives Protocol closed for adherence yesterday. Nearly 200 further adherences were made during the extended period for adherence after the original closing date of 12 September 2014, bringing the total number of adherents to 1411.