About Determinations Committees

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: AmericasAsia excluding Japan, Australia-New ZealandEMEA (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.

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. 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.

Past DC Members


DC Membership

  DC Rules


External Review

Educational Material

Auction Hardwiring Protocol Materials relating to the 2003 Definitions

Pre-DC CDS Protocol Archive 

Pre-DC CDS Protocols