The deadline for adherence to the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol is April 7. Adherence to the Protocol will automatically modify existing CDS confirmatiofor the types of covered transactions and the forms of confirmations for any new transactions (or transactions novated to another adhering party) entered into between April 8, 2009 and January 31, 2011 to incorporate the 2009Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivatives Definitions (the Supplement) and to elect Auction Settlement without further action by the parties. If a pardoes not adhere to the protocol, existing trades would continue to settle in accordance with the existing contractual terms, rather than through the asettlement process. Trades entered into from and after April 8 with non-adhering parties are expected to incorporate the Supplement by reference expressly int he confirmation.
ISDA also announced on March 31, the initail members of the Determinations Committees as follows:
Bank of America / Merrill Lynch
Deutsche Bank A
JPMorgan Chase, N.A.
The Royal BAnk of Scotland
Elliott Management Corporation
Legal & General Investment Management Limited
Pacific Investment Management Company LLC
Primus Asset Management Company LLC
Global Non-Voting Dealers (for all regions)
Regional Non-Votinh Dealer (for Americans, Europe, Japan,a nd Australia/ New Zealand):
Regional Non-Voting Dealer (for Asia Ex-Japan):
Standard Chartered Bank
Non-Voting Non-Dealer (for all regions):
Prudential Investment Management