NEW YORK, Thursday, March 31, 2011 – 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
Deutsche Bank AG
JPMorgan Chase Bank, N.A.
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
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
The Determinations Committee rules and CDS documentation are available on ISDA’s website www.isda.org.