Event determination date and settlement methods

Indra Rajaratnam


Having explored the requirements relating to credit events and successor determinations, this section of the book features the preconditions to settlement and defines the characteristics of the various settlement methods. This chapter focuses on the definition of an “event determination date”. It begins with a brief discussion on the significance of an event determination date in the context of settlement and outlines the distinction between a non-standard event determination date and a standard event determination date. The chapter also examines each provision under the terms of the 2014 ISDA Credit Derivatives Definitions (henceforth the “2014 Definitions”; see International Swaps and Derivatives Association Inc. 2014b) that gives rise to the occurrence of an event determination date and evaluates the requirements of the relevant provisions for a “DC Triggered Event Determination Date”, a “DC and Party Triggered Event Determination Date” and a “Party Triggered Event Determination Date” to occur. The considerations that are relevant to decisions on whether to bilaterally trigger a credit event are also highlighted. The events that prevent an event

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