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ISDA has reopened the CDS NTCE Protocol prior to its effective date on Jan. 27, 2020. The Protocol will remain open for adherence until noon on Friday, Jan. 24, 2020.
The Protocol has been reopened to allow parties that did not adhere or that were not yet in existence during the initial adherence period for the Protocol to adhere. The Protocol has been generally successful, with 1,300 adhering parties as of Jan. 6, 2020. This is reflective of broad market support for the proposed changes. That being said, there are still a number of considerations for market participants related to adherence, such as value transfer and the liquidity, operational, regulatory and reputational consequences of nonadherence.