ISDA® Sets October 6 as Revised Date for Implementation of 2014 Credit Derivatives Definitions | Practical Law

ISDA® Sets October 6 as Revised Date for Implementation of 2014 Credit Derivatives Definitions | Practical Law

ISDA announced that the revised implementation date for CDS transactions under the 2014 Credit Derivatives Definitions will be October 6, 2014.

ISDA® Sets October 6 as Revised Date for Implementation of 2014 Credit Derivatives Definitions

by Practical Law Finance
Law stated as of 17 Sep 2014 • International
ISDA announced that the revised implementation date for CDS transactions under the 2014 Credit Derivatives Definitions will be October 6, 2014.
On September 17, 2014, ISDA® announced that trading using the new 2014 ISDA Credit Derivatives Definitions (2014 CDDs) is expected to begin for most standard credit default swap (CDS) contracts on October 6, 2014.
On September 12, 2014, ISDA's Credit Steering Committee recommended that the effective date for changes to existing trades under the Protocol be delayed until October 6, 2014 to allow time for operational processing and to avoid the quarter end (see Legal Update, ISDA Publishes Protocol for 2014 Credit Derivatives Definitions). Now the ISDA committee is recommending that this date apply to use of the 2014 CDDs for new trades by protocol adherents as well.
The anticipated date for new CDS to begin using the 2014 CDDs had been September 22, 2014. The change aligns the launch date for new trades to use the 2014 CDDs with the effective date for changes to existing trades under the protocol.
"ISDA" is a registered trademark of the International Swaps and Derivatives Association, Inc. (ISDA). ISDA is not a sponsor of Practical Law and had no part in the development of this resource.