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ISDA To Discuss Swaps Revisions

Changes to credit-default swaps could be biggest since 2009.

By Matthew Leising, Bloomberg | Updated on May 09, 2012

Credit-default swaps market leaders will meet this week in New York and London to discuss changes to the contracts in what may be the biggest revisions since 2009, according to people familiar with the situation.

Possible changes to standard contracts, which are governed by the International Swaps and Derivatives Association, include how debt-for-equity exchanges would be treated after a bankruptcy, specifying that credit swaps only cover losses from defaults that occur after their purchase, and clarifying how the date of a so-called credit event is determined, said the people, who asked not to be named because the discussions are private.

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