Credit Suisse CDS blip spotlights obligations list overhaul
Isda began work on updating reference instruments before banking crisis erupted
A technical question regarding credit default swaps (CDSs) on the now-defunct Credit Suisse has underscored the need to update the standard debt obligations referenced in CDS contracts.
The list of standard reference obligations (SROs) that was instituted in 2014 as part of updated credit derivatives definitions published by the International Swaps and Derivatives Association has rarely been updated in the last decade. The inactivity means most of its entries have matured, creating a temporary
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