The source code is copyright of ISDA and available under an Open Source license.

As the CDS market evolves to trade single name contracts with a fixed coupon and upfront payment, it is critical for CDS investors to match the upfront payment amounts and to be able to translate upfront quotations to spread quotations and vice versa in a standardized manner.

One of the primary goals in making the code available is to enhance transparency and to optimize use of standard technology for CDS pricing. Implementing the ISDA CDS Standard Model and using the agreed standard input parameters will allow CDS market participants to tie out calculations and thus improve consistency and reduce operational differences downstream.

SPGMI, in its role as administrator for this open source project, provides support for the maintenance of the code and moderates the forum on this open source website. In addition, SPGMI develops and maintains the documentation provided with the code and will provide support to future ISDA working groups around the open source code.

Please be advised of an upcoming change regarding the access URL for the ISDA CDS Standard Model - Risk Free Rates (RFRs) “ISDA Standard Rate Curves”. S&P Global is planning to transition the existing site for CDS RFRs from https://rfr.ihsmarkit.com/ to https://rfr.spglobal.com/. The new site will contain identical content to the existing site.

The new site (https://rfr.spglobal.com/) is now publicly available in parallel until August 15, 2026 at which time the existing site https://rfr.ihsmarkit.com/ will be decommissioned and shutdown. If users have attested to the Terms and Conditions for the use of the data on the existing site, the attestation will be carried over to the new site.

Our recommendation is to transition to the new site ASAP to avoid any disruption in service.