The International Swaps and Derivatives Association is expanding its range of standard proceedures to include non-standard credit derivatives transactions. The move will help fuel the development of trading in the growing number of second-generation credit derivatives trades.

ISDA has already published the first standard confirmation documents for use in so-called first-to-default baskets. Basket default swaps are similar to single credit default swaps, but the referenced asset is part of a basket and not traded alone.