Template:M comp disc Credit Derivatives 2.18

A common criticism of the earlier iteration of the credit derivatives definitions from 2003, was their lack of standardisation. It wasn’t clear what Reference Obligations were in and out of scope, and the market lacked liquidity as a result. ISDA leapt into the breach and published detailed tables of standard Reference Obligations, which people could just agree to without having to go onto Bloomberg and copy in the ISIN and so forth. This Standard SRO list is the evolution of that.