With a bang
Isda's big bang protocol has standardised the credit default swap market, giving buy-side credit firms a voice but also stripping some flexibility from the market. However, the new regime is posing some challenges for end-users. Peter Madigan reports
Equating recent changes in credit derivatives contracts to the creation of the universe might have been overstating the significance of matters a little on the part of the International Swaps and Derivatives Association.
Formally titled the 2009 Isda Credit Derivatives Determinations Committees and Auction Settlement Credit Default Swap (CDS) Protocol, the so-called 'big bang' is the latest step in ongoing efforts by Isda and credit market participants to standardise the CDS market and make it
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