Cases & Deals

Derivatives dealers prevail before first ever ISDA® external review panel

Client(s) Various credit derivatives dealers

On behalf of various derivatives dealers, Jones Day lawyers recently obtained a victory in the first ever external review panel convened by the International Swaps and Derivatives Association, Inc. (ISDA®). The external review panel was convened when the ISDA® Determinations Committee was unable to achieve the required supermajority vote to conclude that a credit event had occurred with respect to CEMEX, S.A.B. de C.V. Jones Day was retained pursuant to the procedures set forth in the ISDA® Credit Derivatives Determinations Committee Rules to advocate the position that a credit event had occurred. Jones Day fielded a multi-disciplinary credit derivatives team, with a thorough understanding of the background and evolution of the relevant credit derivatives definitions and real world derivatives litigation experience. Jay Tambe, co-leader of the Firm's Financial Institutions Litigation & Regulation Practice, and Mark Sisitsky, co-leader of the Firm's Banking & Finance Practice, led the representation. Jay was the advocate at the two-hour oral argument, held at Jones Day's New York Office on December 4, 2009. On December 14, 2009, the external review panel rendered a unanimous decision in favor of the position advocated by Jones Day.