The International Swaps and Derivatives Association and the Credit Derivatives Governance Committee have selected S&P Global Market Intelligence as the independent administrator for the Credit Derivatives Determinations Committees. The appointment gives S&P Global Market Intelligence responsibility for administering the DC process and is part of a wider set of changes to strengthen the committees’ governance and operations. S&P Global Market Intelligence will act as DC secretary, build and operate a replacement DC website, and develop and run the infrastructure needed to administer the process. It will also work with the Credit Derivatives Governance Committee on further changes to the DC rules to improve efficiency and transparency in credit event determinations and support agreed structural reforms, including a move toward a non-market-participant decision-making body. The selection follows a tender launched in November 2025 and builds on earlier reform steps, including a 2024 consultation based on recommendations from an independent Linklaters review and the establishment of a new governance committee in July 2025.
ISDA2026-06-04
International Swaps and Derivatives Association selects S&P Global Market Intelligence as independent administrator for Credit Derivatives Determinations Committees
The International Swaps and Derivatives Association and the Credit Derivatives Governance Committee have appointed S&P Global Market Intelligence as independent administrator and DC secretary for the Credit Derivatives Determinations Committees, including responsibility for a new website and infrastructure. S&P Global Market Intelligence will work with the governance committee on DC rule changes to improve efficiency and transparency in credit event determinations and support reforms, including a move toward a non-market-participant decision-making body.