Split votes revive transparency calls

摘要

ISDA's committee for determining whether borrowers have defaulted on their liabilities and ultimately whether credit default swap holders receive a payout went through its annual shake-up last week with only one change as Citadel replaces Eaton Vance for one of the five non-dealer voting roles. Citadel's arrival on the Credit Determinations Committee voting panel, from its previous role as consultative non-dealer (now taken by GSO Capital), comes at a time of intense scrutiny over the way in which credit events are decided, with some market participants calling for greater transparency in the closed-door decision-making process.