What are the Credit Derivatives Determinations Committees?
Each DC will be formed of 8 global dealers, 2 regional dealers, 5 non-dealer ISDA members, 1 non-voting dealers (for the first year, there will be 2 non-voting dealers), 1 non-voting regional dealer per region, and 1 non-voting non-dealer member. A DC will be formed for each of the following regions: the Americas, Asia excluding Japan, Japan, Australia-New Zealand and EMEA (Europe). Each DC will resolve issues involving Reference Entities traded under Transactions Types that are relevant to the credit derivatives market as a whole in that DC’s region. These resolutions will pertain to Credit Events, CDS Auctions, Succession Events, and Substitute Reference Obligations. The resolutions of the DC are binding on all transactions that have incorporated the Supplement (but will not have retroactive effect to alter any transaction that has already settled). Annex A to the Supplement contains detailed rules concerning the composition, procedures and resolutions of the DCs (including how and w
