The International Swaps and Derivatives Association set March 17 as a tentative date for switching to the 2002 credit derivatives definitions during a conference call on Wednesday. The definitions are expected to be sent to the printers the week beginning Feb. 3, allowing a six week gap to allow firms to update their systems and train their staff. Lawyers involved in the process anticipate the switch over will go smoothly as they have had several changes in documentation, such as including restructuring supplements, recently.
ISDA is still finalizing the small print, including fine tuning the modified-modified restructuring clause and the definition of a downstream affiliate.
