On July 8, 2015 ISDA® released a memorandum recommending an amendment reducing the single-name credit default swap (CDS) roll frequency. Under the new recommended standard schedule, single-name CDS transactions would roll to a new "on-the-run" contract on a semiannual, rather than quarterly, basis. Currently, market participants roll to a new on-the-run contract each quarter (on March 20, June 20, September 20 and December 20). Under the proposal's recommendation, the frequency of this roll would be reduced to March and September. All other features of the current standard single-name CDS contract would remain unchanged.

In a single-name CDS (in contrast to a credit index) there is only reference entity (see Practice Note, Credit Derivatives: Overview (US): Types of Credit Derivatives: Single-name CDS), as opposed to index CDS, for example, in which there are a basket of reference entities. The term "roll" refers to movement from one single-name CDS contract to another to maintain the position under the contract, similar to how credit indexes work.

It is intended that the recommendation will:

Market participants would not be required to adopt the proposed roll frequency. The implementation schedule for the new calendar is currently under consideration, with a potential date of December 20, 2015. It is likely that ISDA will implement a protocol for adherence to the roll date amendment, though none has been announced to date.