The Credit Derivatives Determinations Committees (DCs) each consist of up to 10 sell-side and five buy-side voting firms, alongside central counterparty observer members. Up to three firms may also be consultative members. Their role is to apply the terms of market-standard credit derivatives contracts to specific cases, and make factual determinations on Credit Events, Successor Reference Entities and other issues, based on information provided to the DCs by credit default swap (CDS) market participants. The DCs are also responsible for determining whether a CDS Auction should be held following a Credit Event, in accordance with the Determinations Committee Rules. DC Administration Services, Inc. acts as a non-voting secretary to each DC, and endeavors to co-ordinate this process in a transparent and operationally efficient manner.
All determinations made by the DC are governed by the Determinations Committees Rules.
The DC Secretary has published for public comment proposed amendments to the Deliverable Obligation provisions of Section 3 and External Review provisions of the Section 4 of the DC Rules. Comments must be submitted by 5:00pm EDT Tuesday, September 29, 2020. Comments should be sent to the DC Secretary at DCSecretary@cdsdeterminationscommittees.org.
The DC Requests section of this website identifies, in a summary table, all questions submitted to the DC for resolution. Market participants should click on the ‘More’ button for details of any particular DC question (including any related DC Resolutions).