Page 15 - 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

improve the structure and governance of the DCs. Having a single, industry-wide

determination on whether a credit event has occurred is critical to enable the clearing

of CDS transactions, so having a DC process that is strong, robust and transparent is

essential to the safe and efficient functioning of this market,” said Scott O’Malia,

ISDA’s Chief Executive.

The proposal follows publication by ISDA of the results of a consultation on

proposed changes to the DCs last year. The consultation, conducted by Boston

Consulting Group, was based on recommendations proposed by Linklaters as part of

an independent review on the composition, functioning, governance and membership

of the DCs. ISDA will publish additional proposals in the coming months, based on

the findings of the consultation.

The DCs were introduced in 2009 as a centralized decision-making body to

enable a standardized auction settlement process and ensure central clearing could be

implemented for CDS. Although ISDA does not control the DC rules and is not

involved in the decision-making process or administration of the committees, ISDA

has an interest as a global trade association for over-the-counter derivatives in

ensuring the DCs continue to function robustly.

The governance committee proposal is available here.

https://www.isda.org/2025/05/08/isda-publishes-governance-committee-proposal-for-

cds-determinations-committees/

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