The credit derivatives market and Shakespeare's Juliet have something in common this week: splitting hairs over what's in a name. In this most recent case, dealers, and synthetic CDO originators are contending with "restructuring," a credit event apparently falling under many names.

The new 2003 "Credit Derivative Definitions" from the International Swaps and Derivatives Association (ISDA) took effect June 20. As the industry association for the credit derivatives market, ISDA, since first publishing Definitions in 1999, has been contending with redefining items that relate to certain credit events.

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