Cases & Deals

Derivatives dealers prevail before first ever ISDA® external review panel

Clients 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.

We use cookies to deliver our online services. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you consent to our use of cookies.