Page 14 - 期货和衍生品行业监管动态（2025年5月刊）

期货和衍生品行业监管动态

决定委员会成立于 2009 年，作为集中化决策机构旨在推动标准化拍卖结算

流程，确保信用违约互换实现集中清算。虽然 ISDA 不控制决定委员会规则，也

不参与委员会决策过程或日常管理，但作为场外衍生品全球性行业协会，ISDA

有责任确保决定委员会持续稳健运行。

治理委员会提案可在此处查阅。

ISDA Publishes Governance Committee Proposal for CDS Determinations

Committees (2025/5/8)

ISDA has published a proposal for a new governance committee for the CDS

Determinations Committees (DCs), the first in a series of amendments to improve the

structure of the DCs and maintain their integrity in changing economic and market

conditions.

The governance committee would be responsible for taking market feedback and

adopting rule changes affecting the structure and operations of the DCs to ensure their

long-term viability and meet market expectations for efficiency and transparency in

credit event determinations. The governance committee would be prohibited from

involvement in DC decisions, ensuring separation between the determinations process

and the procedure for setting the structure and framework of the DCs.

Under the proposal, the governance committee would comprise a minimum of 15

and a maximum of 20 senior, business-focused market participants with significant

experience in the credit default swap (CDS) market – 10 from the sell side, five from

the buy side, three central counterparty or index provider members and two additional

infrastructure providers. The governance committee would be prevented from making

rule changes that could impact live credit events to avoid the perception of conflicts of

interest and any proposed rule change would be open to market consultation before a

vote by the governance committee.

“This is the first step in a series of proposals that ISDA will be making to

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