The International Swaps and Derivatives Association has pushed back the start date for adopting the 2003 credit derivatives definitions to May 6 because firms have not updated their systems. Stefano Toffolo, European chair of ISDA's operations committee and managing director and global head of OTC derivatives operations at CSFB in London, said, "The timeframe was too ambitious." A majority of derivatives houses have not updated their systems for trading credit derivatives and there are now too many trades to process them manually so players delayed the implementation rather than face a meltdown.
