The International Swaps and Derivatives Association (ISDA) is still looking for a council of experts that could help mitigate disagreements between credit default swap counterparties about what constitutes a deliverable obligation.

While the actual process that would guide counterparties through resolving disputes is already completed, the search for the right types of experts - namely, those not perceived to harbor a bias - could hold up the implementation of the new guidelines, which may or may not coincide with ISDA's 2007 credit definitions expected out late next year.

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