On March 28, 2013, ISDA® selected new determinations committee (DC) members. DC members make important determinations for the credit default swaps (CDS) market, including when a credit event has occurred with respect to particular reference entity. A reference entity is the third party named in a CDS. Under a CDS, if a credit event is deemed to have occurred with respect to the reference entity, credit protection payments under the swap must be made from the credit protection seller to the protection buyer.

ISDA implemented DCs as part of its 2009 Big Bang Protocol in response to CDS issues that arose during the financial crisis (see Practice Note, Credit Derivatives: Overview (US): ISDA's Big Bang: Box, CDS Determinations Committees). As is customary, global financial institutions and major funds that are among the most active in the derivatives markets populate the "all regions" voting block of the latest DC. ISDA includes both funds and financial institutions in the DC so that both dealer and buy-side interests are represented. ISDA changes the composition of the DC periodically to attempt to reflect the interests that make up the CDS market.

Common credit events include bankruptcy of the reference entity or failure to pay under a debt instrument issued by the reference entity (the reference obligation). DCs are necessary because it is not always clear when a credit event has occurred under a CDS.

For example, when a lender and borrower enter into a forbearance agreement, it is often unclear if a failure to pay has occurred. Additionally, during the Greek debt crisis, it was not clear whether or not a credit event had occurred with respect to Greece, which was named as a reference entity in certain sovereign CDS. The DC makes these determinations, upon request by market participants.

DCs also determine, among other things, which of the reference entity's debt instruments will be deliverable obligations in a CDS auction.

The DC consists of the following members:

Voting Dealers (for all regions):

Consultative Dealer (for all regions):

Voting Non-Dealers (for all regions):

Regional Dealers:

Americas Voting Dealers:

Consultative Dealer:

Europe Voting Dealers:

Consultative Dealer:

Japan Voting Dealers:

Japan Consultative Dealer:

Asia Ex-Japan Voting Dealers:

Asia Ex-Japan Consultative Dealer:

Australia / New Zealand Voting Dealers:

Australia / New Zealand Consultative Dealer:

Consultative Non-Dealers (for all regions):

CCP Members:

Americas CCP Member:

Europe CCP Members:

For more information on ISDA's Big Bang Protocol for CDS, see Practice Note, Credit Derivatives: Overview (US): ISDA's Big Bang: Box, CDS Determinations Committees.

For information on ISDA protocols generally, see Practice Note, ISDA Documents: Overview (US): ISDA Protocols.

For details on the mechanics of CDS and other credit derivatives, see Practice Note, Credit Derivatives: Overview (US).