About Determinations Committees
The Credit Derivatives Determinations Committees (DCs) each consist of up to 10 sell-side and up to five buy-side voting firms, alongside central counterparty observer members. Up to three firms may also be consultative members. DC Administration Services, Inc. acts as a secretary to each DC, and does not have a vote.
The role of the DCs is to apply the definitions within credit default swap documentation to specific cases, and make factual, evidence-based determinations on Credit Events and other issues.
A DC currently exists in each of the following regions: Americas, Asia excluding Japan, Australia-New Zealand, EMEA (Europe), and Japan.
Each DC deliberates issues involving Reference Entities traded under Transaction Types that relate to the relevant region. The determinations made by the DCs are governed by the Determinations Committees Rules.
A Credit Derivatives Governance Committee also exists with the objective of providing senior leadership and commercial direction and governance of the DCs in order to facilitate the efficient operation of the credit derivatives market by developing and maintaining a framework for timely, accurate and uniform DC determinations that are relied upon and trusted by the credit derivatives market and for the efficient settlement of Credit Derivative Transactions.
In this section you will find information relating to the DCs themselves. This includes information on the current and past members of the Determinations Committees and the Rules that govern DC determinations and the minutes of the meetings of the Credit Derivatives Governance Committee. Details on the annual list review process, which determines the composition of each DC, is available. You can also find materials relating the Big and Small Bang Protocols. We hope you find the materials below useful. If you have any further questions, then you can also contact us directly.