The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the 2009 European Cancellable Form Loan CDS Protocol.
The purpose of the Protocol is to update the Settlement Method Provisions of single-name and index CDS transactions confirmed on previously published cancellable forms, also known as Covered Legacy Transactions. These legacy trades are based on certain previously published cancellable (non-ISDA) documentation and LevX Series 1 trades including single name and LevX Series 1 trades on Edscha AG.
The Protocol is open to ISDA members and non-members alike. The adherence period runs until May 22, 2009. 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 available at www.isda.org.
