ISDA on Greek Debt & CDS 16 Ιανουαριου 2012 – Α ΠΟΚΛΕΙΣΤΙΚΟ

http://www.scribd.com/doc/78946274/ISDA-Greek-Sovereign-QandA-Update-2012-01-16-final-PP

UPDATE JANUARY 16, 2012:

The possibility of retrospectively applying Collective Action Clauses (CACs) to existing Greek debt has been discussed of late. Would the inclusion or activation of a CAC trigger a Credit Event?
The determination of whether any action constitutes a credit event under CDS documentation
will be made by ISDA’s EMEA

Determinations Committee on the basis of the specific facts and
if a market participant requests a decision from the DC. Generally, however, the inclusion of a
CAC would not, in and of itself, be expected to trigger a Credit Event. On the other hand, the
use of such a clause to effect a reduction in coupon or principal or one of the other events set
out in the definition of the Restructuring Credit Event could trigger if the other requirements of
the Restructuring Credit Event were met (for example decline in creditworthiness), as its effect would be to bind all holders of the relevant debt.

Εδω η Επιιτροπη Ορισμων ( Πιστωτικων Γεγονοτων )

ISDA Determinations Committees (effective 30 November 2011)

Americas

Voting Dealers
Bank of America / Merrill Lynch
Barclays
Citibank
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
SociΓ©tΓ© GΓ©nΓ©rale
UBS

Consultative Dealers
BNP Paribas
The Royal Bank of Scotland

Voting Non-dealers
BlueMountain Capital (Second Term Non-dealer)
Citadel LLC(First Term Non-dealer)
D.E. Shaw Group (First Term Non-dealer)
Elliott Management Corporation (Third Term Non-dealer)
Pacific Investment Management Co., LLC (Second Term Non-dealer)

Asia Ex-Japan

Voting Dealers
Bank of America / Merrill Lynch
Barclays
BNP Paribas
Citibank
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
The Royal Bank of Scotland
UBS

Consultative Dealers
Nomura
The Royal Bank of Scotland

Voting Non-dealers
BlueMountain Capital (Second Term Non-dealer)
Citadel LLC(First Term Non-dealer)
D.E. Shaw Group (First Term Non-dealer)
Elliott Management Corporation (Third Term Non-dealer)
Pacific Investment Management Co., LLC (Second Term Non-dealer)

Australia and New Zealand

Voting Dealers
Bank of America / Merrill Lynch
Barclays
BNP Paribas
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
SociΓ©tΓ© GΓ©nΓ©rale
UBS

Consultative Dealers
Nomura
The Royal Bank of Scotland

Voting Non-dealers
BlueMountain Capital (Second Term Non-dealer)
Citadel LLC(First Term Non-dealer)
D.E. Shaw Group (First Term Non-dealer)
Elliott Management Corporation (Third Term Non-dealer)
Pacific Investment Management Co., LLC (Second Term