New CDS Contract Terms (Draft)

A draft of the new CDS contract terms, which will be "hardwired" into the standard ISDA documentation, is available here. ISDA press release here.

The ISDA also released a draft of the rules for the new Credit Derivatives Determinations Committee, which will make binding decisions about whether a credit event has occurred, whether there will be an auction, and whether certain obligations are deliverable. (Trust me, it's a big deal.)

I haven't had time to look over them in any detail, but I've seen earlier drafts of several sections, and they were decent enough. The drafting process has been very rushed, so there wasn't time to build consensus on all the material terms. Some issues will probably remain highly contentious.