The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the 2008 European Loan CDS (LCDS) Update Protocol.
The Protocol is designed to facilitate amendment of transactions documented using the European Loan CDS Standard Terms Supplement and form of Confirmation that were published on July 30, 2007 to reflect the new templates published on March 12, 2008.
A Protocol to facilitate cash settlement of European Loan CDS (single-name and index) is currently under development.
The Protocol is open to ISDA members and non-members alike. The adherence period runs until May 15, 2008.
The text of the Protocol and form of adherence letter, guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are all available at http://www.isda.org/.