The New York Fed, along with other supervisors involved in OTC market improvement efforts support the permanent incorporation of the auction-based mechanism in order to increase the certainty, transparency and orderliness of settling CDS transactions following a credit event. Supervisors encourage all market participants to adopt the new standard before the April 7 deadline.
Supervisors will continue to monitor progress and encourage further efforts to improve the infrastructure of the OTC derivatives market.
March 12, 2009 ISDA news release
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