The International Swaps and Derivatives Association, Inc. (ISDA) and the Credit Derivatives Governance Committee have announced that S&P Global Market Intelligence has been selected as the administrator for the Credit Derivatives Determinations Committees (DCs).
The announcement follows an invitation to tender in November 2025. The DC administrator is responsible for various tasks, including acting as DC secretary, building and operating a replacement DC website, and developing and running all infrastructure required to administer the DC process. The administrator will also work with the Credit Derivatives Governance Committee to continue improving the DC rules to meet market expectations for efficiency and transparency in credit event determinations and ensure the long-term viability of the DCs.
The appointment of an independent DC administrator is the latest in a series of measures to strengthen DC processes and follows publication by ISDA of the results of a consultation on proposed changes to the DCs in 2024. The consultation, conducted by Boston Consulting Group, was based on recommendations proposed by Linklaters as part of an independent review on the composition, functioning, governance and membership of the DCs. In May 2025, ISDA published a proposal for a new governance committee for the DCs. The governance committee was subsequently established in July 2025.
“As an independent DC administrator, S&P Global Market Intelligence will work closely with the Credit Derivatives Governance Committee to further enhance the transparency of the DC process and implement agreed structural changes, such as moving towards a non-market-participant decision-making body – steps that will boost confidence in the integrity of the DCs,” said Katherine Tew Darras, ISDA’s General Counsel.
The DCs were introduced in 2009 as a centralized decision-making body to enable a standardized auction settlement process and ensure central clearing could be implemented for credit derivatives. Although ISDA does not control the DC rules and is not involved in the decision-making process or administration of the committees, ISDA has an interest as a global trade association for derivatives in ensuring the DCs continue to function robustly.
Source: ISDA
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