Parties and key players

Indra Rajaratnam


This chapter introduces the parties associated with a transaction and the key players within the complexion of the credit derivatives industry. First, the parties to a transaction are described (including the calculation agent, and its determinations under the provisions of the 2014 ISDA Credit Derivatives Definitions (henceforth the “2014 Definitions”; see International Swaps and Derivatives Association Inc. 2014b). Then the chapter discusses the constitution of, and the role played by, the Credit Derivatives Determinations Committee (DC), the determination standard applicable to a DC, the procedure to convene the DC, the primary resolutions and the applicable voting thresholds for certain key resolutions of the DC. An overview of the external review procedure that may apply to a deliberation in cases where a DC has failed to reach a supermajority decision is also outlined. Finally, the roles played by ISDA, the DC Secretary, the auction administrators and the key infrastructure providers within the credit derivatives industry are also highlighted.


Figure 2.1 gives an overview of the key entities and parties associated with the credit

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