ISDA Plans Credit Derivatives Overhaul

Changes in $24 trillion market would be biggest since 2003.

The International Swaps & Derivatives Association is planning the biggest overhaul of the $24 trillion credit derivatives market since 2003.

New York-based ISDA is seeking feedback from market participants on a set of possible changes to the standards governing credit-default swaps, including plans to ease settlement of contracts triggered by a sovereign debt exchange, according to Mark New, the organization’s assistant general counsel in the Americas.

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