Isda to rubber-stamp CDS settlement process by March

The International Swaps and Derivatives Association plans to incorporate the credit default swap settlement auction process into the 2003 Isda credit derivatives definitions by mid-March.

Isda will apply the changes both to new and existing derivatives contracts. Amendments will also include provisions for the Isda determinations committee, which will make decisions on issues such as whether a credit event has occurred, whether an auction will be held and whether a particular obligation is delive