ISDA Update

NYSE Euronext today announces the appointment of Diederik Zandstra as Head of International Listings for Europe, the Middle East and Africa, reporting directly to Roland Bellegarde, Group Executive Vice President and Head of European Cash and Listings.

• Experienced Industry Figure to Provide Leadership, Expertise to Board of Directors
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• CME Group, the world's largest and most diverse derivatives marketplace, today announced the appointment of financial services industry veteran Otto E. Nageli as chairman designate of CME Clearing Europe, CME Group's UK Clearing House currently awaiting approval by the Financial Services Authority (FSA).

The International Swaps and Derivatives Association, Inc. (ISDA) today announced at its 2009 Regional Conference in New York the results of its Mid-Year 2009 Market Survey of privately negotiated derivatives.

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Abitibi-Consolidated Inc., the newsprint manufacturer. In addition, ISDA will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Charter Communications Holdings, LLC, the St. Louis-based cable operator.

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing LyondellBasell Industries AF SCA, the Netherlands-based petrochemicals producer.

LyondellBasell Industries AF SCA was reported to have failed to pay interest on $679 million of bonds maturing in 2015. The company missed a payment due on February 15 and a 30-day grace period expired on March 19.

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing The Rouse Company LP.

Rouse is a subsidiary of General Growth Properties, Inc., the Chicago-based real estate company. Rouse was reported to have failed to pay more than $2 billion in debt on March 16.

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Chemtura Corporation, a global manufacturer and marketer of specialty chemicals.

On March 18, Chemtura announced that it and 26 of its US affiliates have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to facilitate financial restructuring.

The International Swaps and Derivatives Association, Inc. (ISDA) today commented on the calls by the G20 Finance Ministers’ and Central Bank Governors’ March 14 Communique to restore global growth, support lending and to strengthen the global financial system.

 Further Enhancing Consistency, Transparency and Liquidity in CDS

ISDA today launched its Auction Settlement Supplement and Protocol, the final stage of the process known as ‘hardwiring’, or the incorporation of auction settlement terms into standard CDS documentation.

Welcomes Comments of Senior Supervisors Group

In testimony before the US Senate Committee on Banking, Housing and Urban Affairs, Robert Pickel, executive director and chief executive officer of the International Swaps and Derivatives Association, Inc (ISDA), today emphasized the beneficial role credit default swaps (CDS) play in the global economy and described the robust infrastructure that ISDA and industry participants have developed to support the CDS business.