ISDA Publishes Auction Supplement And Big Bang Protocol

On 12 March, 2009 the International Swaps and Derivatives Association, Inc. ("ISDA") published the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivatives Definitions (the "Supplement") and the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (the "Big Bang Protocol"). These are of great importance to those who use Credit Derivatives or related products.

The main purposes of the Supplement and the Big Bang Protocol are to:

• add the concept of "Auction Settlement" to the 2003 ISDA Credit Derivatives Definitions and so allow parties to settle Transactions through the Auction Settlement process;