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ARTICLE · 09 APRIL 2012

ISDA March 2012 Supplement And Protocol: Updating Muni CDS*

Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Hogan Lovells Cadwalader

Hogan Lovells Cadwalader

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As of April 3, 2012, the documentation and industry standards for municipal CDS transactions ("Muni CDS") will be brought in line with the corporate and sovereign CDS market through several initiatives lead by ISDA and related publications by Markit.

United StatesFinance and Banking
Lary Stromfeld
Lary Stromfeld
Kathryn Andrews
Kathryn Andrews
Alexander Lewis
Alexander Lewis
Ivan Loncar
Ivan Loncar
Author LinkedIn connections

Overview

As of April 3, 2012, the documentation and industry standards for municipal CDS transactions ("Muni CDS") will be brought in line with the corporate and sovereign CDS market through several initiatives lead by ISDA and related publications by Markit. Cadwalader represented ISDA and Markit on these initiatives, which include the following features to enhance liquidity and transparency for Muni CDS:

  • Determinations Committee for the Americas Region will decide on Credit Events and other matters.
  • Mandatory auction settlement.
  • Rolling "look-backs" for Credit Events and Succession Events.
  • Standardized Fixed Rate and full 3-month initial Calculation Periods.
  • Recovery assumption of 75%.

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