The International Swaps & Derivatives Association isplanning the biggest overhaul of the $24 trillion creditderivatives market since 2003.
New York-based ISDA is seeking feedback from market participantson a set of possible changes to the standards governingcredit-default swaps, including plans to ease settlement ofcontracts triggered by a sovereign debt exchange, according to MarkNew, the organization's assistant general counsel in theAmericas.
Greece's debt restructuring last year raised concern aboutpotential flaws in the insurance contracts. No time frame has beenset for changes to the market created by banks including JPMorganChase & Co., which will follow a 2009 revision of rules thatincluded new standards boosting transparency and confidence, Newsaid.
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