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 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).
Important Note: The DC Rules and the related Standard Agreement entered into by DC Members exclude certain types of person from acting as DC representatives based on such persons’ professional responsibilities. In particular, such restrictions exclude persons responsible for the conduct of CDS related business activity at the firms (e.g. sales and trading) from serving on the DCs. See Schedule 6 to the DC Rules for further details.