The credit derivatives market is taking another step on the long road to maturity with the International Swaps & Derivatives Association 2003 credit derivatives definitions. The changes may seem insignificant for all the hours of research that went into them. But for buyers and sellers of credit protection it will be a huge leap forward.
The definitions replace the 1999 version, which has been given the piecemeal treatment during the last four years as various credit events have poked holes in it – the default of Conseco, National Power restructuring and the crisis in Argentina, for example.
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