So, the definition of a credit event is what the ISDA says is one: which seems reasonable enough.

FORBES: A Credit Event Won't Cause Another AIG

The study also says about two-thirds (of all CDSs) are collateralised (and ISDA said 81% was collateralised by cash for sovereigns).

FORBES: Greek Default: Don't Fear a Credit Event

Shaw, had been on the defensive over the issue, with the ISDA going on a PR campaign accusing media outlets of not understanding CDS markets.

FORBES: Greek Default Provides Temporary Relief As EU Crisis Marches On

None of this will happen, though, as the ISDA made clear.

FORBES: Greece's Inevitable Default Won't Trigger CDS, So What's The Point Of Protection?

With the PSI out of the way, all eyes were on the ISDA and their ruling on whether the debt restructuring would constitute a credit event or default.

FORBES: Greek Default Provides Temporary Relief As EU Crisis Marches On

Should there be a dispute in the CDS market over a Greek reprofiling, it would be resolved by the International Swap Dealers Association (ISDA), a voluntary body which governs the market.

ECONOMIST: How the credit-default market will judge a deal on Greece

Although there are ISDA rules to cover such events, the sheer size of Lehman in the market (its gross derivatives positions will be hundreds of billions of dollars) makes this default a severe test.

ECONOMIST: The fallout from the bankruptcy of Lehman Brothers

Greece has cleared another hurdle as it struggles to avoid default, going through with its highly controversial debt restructuring (dubbed PSI), and effectively forcing the International Swaps and Derivatives Association (ISDA) to rule, along with credit rating agencies, that the Hellenic Republic has indeed defaulted.

FORBES: Greek Default Provides Temporary Relief As EU Crisis Marches On

The groups said in a press release that they have published the FIA-ISDA Cleared Derivatives Execution Agreement as a template that can be used by participants in the cleared swaps markets in negotiating execution-related agreements with counterparties to over-the-counter derivatives that are intended to be cleared.

FORBES: FIA and ISDA Publish Documentation for Cleared Swaps