About Determinations Committees

About Determinations Committees

The ISDA Credit Derivatives Determinations Committees (DCs) each consist of 10 sell-side and five buy-side voting firms, alongside three consultative firms and central counterparty observer members. ISDA acts as a secretary to each DC, and does not have a vote.

The role of the DCs is to apply the definitions within credit default swap documentation to specific cases, and make factual, evidence-based determinations on Credit Events and other issues.

A DC currently exists in each of the following regions: AmericasAsia excluding Japan,Australia-New ZealandEMEA (Europe), and Japan.

Each DC deliberates issues involving Reference Entities traded under Transaction Types that relate to the relevant region. The determinations made by the DCs are governed by the Determinations Committees Rules.

In this section you will find information relating to the DCs themselves. This includes information on the current and past members of the Determinations Committees and the Rules that govern DC determinations. Details on the annual list review process, which determines the composition of each DC, is available. You can also link to the Big and Small Bang Protocol web pages.

To gain a better overview of the whole process, we encourage you to look at the various presentations, webcasts and general FAQs relating to the DC. If you have any further questions, then you can also contact us directly.

Current DC Members (effective April 28, 2014)

Past DC Members

DC Rules

DC Membership


Pre-DC CDS Protocol Archive 


Educational Material