The International Swaps and Derivatives Association will try again this week to schedule a conference call to discuss settlement for loan-only credit default swaps. A call had been anticipated for last Friday but had been pushed back as the association and dealers discussed the intellectual property of the document. Because the confirm had been put together by dealers in the market and outside lawyers, ISDA needed to gain approval to call it an ISDA document. An ISDA spokeswoman said a final document is expected to be ready in the coming weeks.
"We are all hoping this is a 'We're good to go [call],' but it might be a final round of, 'We're soliciting feedback one last time from everyone before we feel comfortable publishing it' call," said one frustrated participant. Market players are starting to get antsy and some have started using the confirm put together by the working group with a note attached saying they will revert to the documentation ISDA approves once that happens.
The last ISDA call was in March, but no resolution was put in place because ISDA told participants it had received some last minute questions (CIN, 4/3).