RED for CDS
Access Verified Reference Entity Data for CDS
Confirming CDS trades with accurate data is essential for managing market risk and maintaining operational efficiency. Historically, firms have used many operational and legal resources to manually confirm CDS reference data while trying to avoid trade breaks with their counterparties.
The Reference Entity Data (RED) for CDS service confirms the relationship between a reference entity and a reference obligation, as well as corporate actions, CDS succession events and credit events. The service also provides verified index and constituent information for credit indices, including updated weighting and index factors upon a credit event.
Unique alphanumeric RED codes are assigned to all reference entities and reference obligations and are also mapped to LEI and MiFID II ISIN and metadata. RED codes are used to confirm trades on MarkitSERV and other trade matching and clearing platforms, facilitating straight-through processing. Counterparties can rapidly agree on transactions and have confidence in the integrity of the underlying CDS reference data.
Why S&P Global?
Data Integrity
Legal verification of reference data through a proven, multi-stage scrubbing process
Accuracy
RED codes support trading with straight through processing while tracking corporate actions
Dedicated Support
Access to a global support team for research reference data inquiries
Connectivity
Links directly with our CDS Pricing Data
Distribution Options
Data can be accessed via web, automated XML download, or third-party platforms
Access SRO and POB reference lists
The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives Definitions, a document that contains basic terms used in the documentation of most credit derivatives transactions.
Standard Reference Obligation
S&P Global is the appointed SRO administrator and publishes the SRO list specifying the reference obligation for SRO applicable names.
The next SRO quarterly submission date is January 31, 2025.
Package Observable Bonds
S&P Global is the appointed POB administrator and publishes the POB list specifying the reference obligation for POB applicable names.
Supplemental Reference Information
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