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February 3, 2014

Credit Derivatives Definitions Pushed Back Until September | ISDA

In a press release published today, ISDA announced that the release of the 2014 Credit Derivatives Definitions will be pushed back until September 2014.

In a press release published today, ISDA announced that the release of the 2014 Credit Derivatives Definitions will be pushed back until September 2014.

The main reason cited for the "go-live" delay (initially scheduled for March 2014) is that more time is needed to make the operational and infrastructural changes necessary to support the new definitions.

The ISDA Definitions serve as an important benchmark for the granularity of trade details, and other important terms and conditions, in OTC derivatives transactions. They're particularly important in today's environment, given the increased regulatory need for record-keeping transparency and standardization in the derivatives markets.

An interesting new term to be included in the 2014 Credit Derivatives Definitions is a new type of Credit Event for financial institutions: the government bail-in. A helpful Economist article explains the difference between bail-outs and bail-ins.

-Ben L.


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