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.

Greece's debt restructuring last year raised concern about potential flaws in the insurance contracts. No time frame has been set for changes to the market created by banks including JPMorgan Chase & Co., which will follow a 2009 revision of rules that included new standards boosting transparency and confidence, New said.