FAQ: New Selection Process for Standard Reference Obligations (SROs)

ISDA News

Published March 9th, 2026

Detected March 13th, 2026

Summary

The International Swaps and Derivatives Association (ISDA) has published a new FAQ document detailing a revised selection process for Standard Reference Obligations (SROs). This FAQ provides guidance on the updated procedures for selecting SROs within the derivatives market.

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What changed

This FAQ document from ISDA outlines a new selection process for Standard Reference Obligations (SROs), which are crucial for credit derivatives transactions. The document clarifies the procedures and criteria for selecting these reference obligations, aiming to provide greater transparency and efficiency in the market.

While this FAQ is informational and non-binding, market participants involved in credit derivatives, particularly those dealing with Credit Default Swaps (CDS), should review the updated process. ISDA notes that these FAQs may be updated periodically, suggesting that entities should check for revisions. No specific compliance deadlines or penalties are mentioned, as this is a guidance document.

What to do next

Review the new FAQ document regarding the selection process for Standard Reference Obligations (SROs).

Source document (simplified)

Asset Classes
Credit
New Selection Process for Standard Reference Obligations (SROs) FAQs

New Selection Process for Standard Reference Obligations (SROs) FAQs

This Frequently Asked Questions (“FAQ”) document gives information about the new selection process for Standard Reference Obligations (SROs).

Note that ISDA may update these FAQs on occasion. Please check back periodically for new versions.

Tags:

Credit Default Swaps (CDS), Credit Derivatives, Credit Event

Documents (1)

SRO FAQs 090326(pdf)

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New Selection Process for Standard Reference Obligations (SROs) FAQs

This Frequently Asked Questions (“FAQ”) document gives information about the new selection process for Standard Reference Obligations (SROs). Note that ISDA may update these FAQs on occasion. Please check back periodically for new versions.