ISDA publishes CCP recovery framework: ISDA has published a proposed recovery framework for central counterparty (CCP) default management. ISDA believes recovery of a CCP is preferable to closing it, and so recovery efforts should continue so long as the default management process is effective. Only where that process fails to re-establish a matched book may the resolution authorities seriously evaluate whether this is a trigger for resolution. ISDA's paper looks at when it is appropriate to use recovery measures and how to determine the effectiveness of a default management process. (Source: ISDA Publishes CCP Recovery Framework)