The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the 2010 Japan Corporate Calculation Agent City Protocol.
The purpose of the Protocol is to enable parties to update the provisions of legacy single name Japan Corporate CDS transactions to match current trades. With the implementation of this protocol, the definition of "Calculation Agent City" for these legacy trades, dated before December 2007, will be amended by deleting reference to "London" or any other city (which is not "Tokyo") and replacing the reference with "Tokyo".
The Protocol is open to ISDA members and non-members alike. The adherence period runs until January 22, 2010. 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.
