The International Swaps and Derivatives Association, Inc. (ISDA) today announced the outcome of the annual process to determine members of ISDA’s five regional Determinations Committees, which together comprise the global decision-making structure around events in the credit default swaps (CDS) industry.
The Determinations Committees were established in March 2009, as a key element of the process by which CDS auction settlement was incorporated into standard ISDA CDS documentation. The Committees make binding determinations, such as whether a credit event has occurred, whether an auction will be held and what obligations are deliverable for purposes of the auction. There are five regional Committees, each comprising 12 dealer firms, of which two are consultative (non-voting), and six non-dealer (buy-side) members, of which one is consultative. The determinations are made in accordance with the criteria set out in the Determinations Committees Rules.
“The Determinations Committees continue to be an important component of the CDS market infrastructure and have been proven as an effective mechanism for resolving a range of questions that impact the CDS industry,” said David Geen, General Counsel, ISDA. “We would like to thank all the institutions involved for their ongoing dedication to this important process.”
The firms which will serve on the Committees are set out below, in each case effective April 29, 2011, unless otherwise noted.
Global Voting Dealers (for all regions):
- Bank of America / Merrill Lynch
- Barclays
- Credit Suisse
- Deutsche Bank AG
- Goldman Sachs
- JPMorgan Chase Bank, N.A.
- Morgan Stanley
- UBS
Global Consultative Dealer (for all regions):
The Royal Bank of Scotland
Voting Non-Dealers (for all regions):
- Citadel LLC: effective April 29, 2011
- D.E. Shaw Group: effective April 29, 2011
- BlueMountain Capital: effective July 30, 2011
- Pacific Investment Management Company LLC: effective July 30, 2011
- Elliott Management Corporation: effective November 30, 2011
Regional Dealers
- Americas Voting Dealers: Citibank, Societe Generale
- Americas Consultative Dealer: BNP Paribas
- Europe Voting Dealers: BNP Paribas, Societe Generale
- Europe Consultative Dealer: Citibank
- Japan Voting Dealers: BNP Paribas, Mizuho Securities
- Japan Consultative Dealer: Nomura
- Asia Ex-Japan Voting Dealers: BNP Paribas, Citibank
- Asia Ex-Japan Consultative Dealer: Nomura
- Australia / New Zealand Voting Dealers: BNP Paribas, Societe Generale
- Australia / New Zealand Consultative Dealer: Westpac Banking Corporation
- Consultative Non-Dealer (for all regions):
- GLG Partners LP: effective April 29, 2011
