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ISDA has extended the closing date for the CDS NTCE Protocol by
two weeks. The Protocol will now close on Oct. 28.
This extension of the adherence period is due to the relatively
modest rate of adherence so far. This is not atypical in the
context of changes that are not driven by regulations, and it may
reflect the need by CDS market participants to fully understand the
significance of the proposed changes to the CDS contract. On the
buy side in particular, market participants may need some more time
to analyze the impact the proposed changes will have on their CDS
books. As we highlighted in a previous alert, there are a number of
issues market participants should consider in that respect, which
include value transfer as well as the liquidity, operational,
regulatory and reputational consequences of nonadherence.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
