ISDA publishes 2014 Credit Derivatives Protocol

ISDA has published here a dedicated page for information related to the protocol, including guidance and frequently asked questions. The protocol provides a means for market participants to amend certain existing credit default swap contracts to incorporate the new 2014 CDS definitions.

There is a list of excluded reference entities and existing credit default swap contracts which reference such reference entities will not incorporate the new 2014 definitions (which can be found here) even if parties adhere to the protocol. Two new material concepts (Governmental Intervention and Asset Package Delivery) will not be incorporated when market participants adhere to the protocol because these terms would change the value of existing contracts. The deadline to adhere to the protocol is September 12, 2014. The effective date is September 22, 2014.