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RED for CDS

Access verified reference entity data for CDS

Confirming CDS trades with accurate data is essential for managing market risk and maintaining operational efficiency. Historically, firms have used many operational and legal resources to manually confirm CDS reference data while trying to avoid trade breaks with their counterparties.

The RED for CDS service confirms the relationship between a reference entity and a reference obligation, as well as corporate actions, CDS succession events and credit events. The service also provides verified index and constituent information for credit indices, including updated weighting and index factors upon a credit event.

Counterparties can rapidly agree on transactions and have confidence in the integrity of the underlying CDS reference data. 2018 March

Key benefits:

  • Data integrity – Obtain legal verification of reference data through a proven, multi-stage scrubbing process
  • Dedicated support – Enjoy access to a global support team for research reference data inquiries
  • Trade efficiency – Leverage unique alphanumeric RED codes assigned to all reference entities and reference obligations, which are used to confirm trades on MarkitSERV and other trade matching and clearing platforms, facilitating straight-through processing
  • Seamless distribution – Access your data via web, automated XML download, or third-party platforms

Customers

  • Hedge funds
  • Interdealer brokers
  • Banks
  • Market data service providers
  • Trade processing platforms

Standard Reference Obligation

The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives Definitions, a document that contains basic terms used in the documentation of most credit derivatives transactions.

The 2014 Definitions introduce the standard reference obligation (SRO), allowing for the adoption of a standardized reference obligation across all market standard CDS contracts on the same reference and seniority level.

IHS Markit is the appointed SRO administrator and will publish the SRO list specifying the reference obligation for SRO applicable names. The SRO list is for use in accordance with the 2014 ISDA Credit Derivatives Definitions and the SRO Rules.

The next SRO quarterly submission date is February 3, 2020.

For any SRO related questions or challenges please contact IHS Markit.

Register for the SRO list

Package Observable Bonds

The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives Definitions, a document that contains basic terms used in the documentation of most credit derivatives transactions.

IHS Markit is the appointed POB administrator and will publish the POB list specifying the reference obligation for POB applicable names. The POB list is for use in accordance with the 2014 ISDA Credit Derivatives Definitions and the POB Rules.

Register for the POB list

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