Credit Derivatives featured in the news, including the complex issues that arose following the occurrence of a credit event and ISDA's proposed reforms to the Determinations Committees (DCs). On this call, the panel covered DC decisions over the past year, including the determination by an external review panel of a restructuring credit event regarding Ardagh Packaging Finance, and the debate regarding the outstanding debt that could be brought into the settlement auction. The panel also addressed the DC's deliberations on whether locked‑up bonds could be used in an auction to settle CDS relating to Altice France, and ISDA's consultation on implementing a uniform approach towards locked‑up debt. Our speakers provided an update on ISDA's reforms to the governance of the DCs.