This Credit Default Swap Agreement template is designed for use in the Swiss financial market when parties wish to enter into a credit derivative transaction under Swiss law. It is particularly relevant for financial institutions, investment firms, and corporations seeking to manage credit risk exposure or engage in trading credit derivatives. The document incorporates requirements from Swiss financial regulations, including FINMA guidelines and the Federal Act on Financial Market Infrastructures, while following international market practices. The agreement covers essential elements such as credit event definitions, settlement procedures, payment obligations, and regulatory compliance requirements. It is structured to accommodate both standardized and customized credit default swap transactions, with specific attention to Swiss regulatory requirements for OTC derivatives trading and risk management.
Credit Default Swap Agreement for Switzerland
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Key Requirements PROMPT example:
Credit Default Swap Agreement
"I need a Credit Default Swap Agreement under Swiss law for a 5-year term starting March 2025, with physical settlement only and specific provisions for restructuring events, to be used between our bank and a major Swiss insurance company as protection seller."
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1. Parties: Identification of the protection buyer and protection seller, including their full legal names, registration details, and addresses
2. Background: Context of the agreement, relationship between parties, and general purpose of the CDS transaction
3. Definitions: Comprehensive list of defined terms used throughout the agreement, including credit events, reference obligations, and technical terms
4. Transaction Terms: Core economic terms including reference entity, notional amount, fixed rate, credit events covered, and term of the agreement
5. Payment Obligations: Details of premium payments, calculation periods, and settlement amounts
6. Credit Events: Specification of triggering events (bankruptcy, failure to pay, restructuring etc.) and their precise definitions
7. Notice and Settlement Provisions: Procedures for credit event notices, settlement methods, and timing requirements
8. Representations and Warranties: Standard declarations by both parties regarding their capacity, authority, and compliance
9. Obligations of the Parties: Ongoing duties including information provision, maintenance of authorizations, and compliance requirements
10. Term and Termination: Duration of the agreement, termination events, and early termination procedures
11. Dispute Resolution: Procedures for resolving disagreements, including jurisdiction and governing law provisions
12. General Provisions: Standard clauses including notices, amendments, assignment, and severability
1. Credit Derivatives Determinations Committee: Include when parties agree to be bound by DC decisions for credit event determinations
2. Succession Events: Include when specific provisions for handling reference entity corporate actions are needed
3. Additional Termination Events: Include when parties agree on specific circumstances that trigger early termination
4. Physical Settlement Terms: Include when physical settlement is permitted as a settlement method
5. Multiple Holder Obligations: Include when restructuring provisions require multiple holder obligations
6. Reference Obligation Only Trade: Include when the CDS relates to a specific reference obligation only
7. Collateral Arrangements: Include when parties agree to post collateral under specific circumstances
1. Schedule 1: Transaction Details: Specific terms of the CDS transaction including reference entity, notional amount, premium, term
2. Schedule 2: Notice Information: Detailed contact information for notices, including addresses, email, and authorized personnel
3. Schedule 3: Credit Support Terms: Details of any credit support or collateral arrangements between the parties
4. Appendix A: Reference Entity Information: Details about the reference entity, including key obligations and identification
5. Appendix B: Form of Credit Event Notice: Template for credit event notices and required supporting information
6. Appendix C: Settlement Terms: Detailed procedures for settlement following a credit event
7. Appendix D: Calculation Agent Provisions: Detailed responsibilities and procedures for the calculation agent
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Investment Management
Securities Trading
Risk Management
Financial Technology
Asset Management
Corporate Banking
Investment Banking
Hedge Funds
Relevant Teams
Legal
Compliance
Risk Management
Trading
Operations
Credit Analysis
Documentation
Treasury
Regulatory Reporting
Portfolio Management
Middle Office
Settlements
Product Control
Relevant Roles
Derivatives Trader
Risk Manager
Legal Counsel
Compliance Officer
Credit Risk Analyst
Portfolio Manager
Trading Operations Manager
Chief Investment Officer
Structured Products Specialist
Financial Controller
Credit Derivatives Specialist
Treasury Manager
Chief Risk Officer
Documentation Specialist
Investment Analyst
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