The International Swaps and Derivatives Association (ISDA) and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as administrator for the Credit Derivatives Determinations Committees (DCs), including taking on the DC secretary role. The administrator would assume the full set of DC secretary duties, including distributing questions from eligible market participants to relevant DC members, convening DC meetings and publishing DC voting results, while not voting on credit event determinations. The mandate also includes building and operating a replacement DC website and the infrastructure needed to administer the DC process, and working with the Credit Derivatives Governance Committee on ongoing DC rule improvements aimed at long-term viability and meeting market expectations for efficiency and transparency. DC Administration Services, Inc. has performed the secretariat function since 2018. Interested parties can request the detailed requirements document by November 21, with submissions due by January 9, 2026, and the successful bid to be announced in the first quarter of 2026. The tender is positioned as part of a broader strengthening of DC processes that followed a consultation on proposed DC changes and the establishment of a new DC governance committee in July 2025.
ISDA 2025-11-11
International Swaps and Derivatives Association and the Credit Derivatives Governance Committee launch tender for independent administrator of Credit Derivatives Determinations Committees
The International Swaps and Derivatives Association (ISDA) and the Credit Derivatives Governance Committee have invited tenders for an independent regulated entity to administer the Credit Derivatives Determinations Committees, including the DC secretary role. The administrator will manage DC processes, build a new DC website, and collaborate on rule improvements, with submissions due by January 9, 2026, and the successful bid announced in Q1 2026.