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<h2 id="cds-standardization">CDS standardization</h2> <p>From late 2002, the CDS market began to standardize credit default swap contracts so that they would all mature on one of the four days of 20 March, 20 June, 20 September and 20 December.<a class="footnote-ref" id="fnref:1" href="#fn:1"><sup>1</sup></a> These dates are used both as termination dates for the contracts and as the dates for quarterly premium payments. </p><p>So, for example, a ‘five-year’ contract traded any time between 20 September 2005 and 19 December 2005 would have a termination date of 20 December 2010. </p><p>In December 2015, the roll has been reduced to Semi Annual, i.e., only on September and March.<a class="footnote-ref" id="fnref:2" href="#fn:2"><sup>2</sup></a><a class="footnote-ref" id="fnref:3" href="#fn:3"><sup>3</sup></a> </p> <h2 id="roll">Roll</h2> <p class="note">Main article: <a href="/facts/Rolling_(finance)/LljDG466">Rolling (finance)</a></p> <p>Contracts are frequently <a href="/facts/Rolling_(finance)/LljDG466">rolled</a> on the IMM dates, making them among the highest volume trading days of the year. </p> <ul><li><a href="https://web.archive.org/web/20070528000035/http://www.creditflux.com/resources/names%2Band%2Bdates.htm">"Creditflux: Names and Dates"</a>. Archived from <a href="http://www.creditflux.com/resources/names+and+dates.htm">the original</a> on 2007-05-28.</li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>Creditflux <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>"Updated FAQ: Amend Single Name On-The-Run Frequency – International Swaps and Derivatives Association". <a href="http://www2.isda.org/asset-classes/credit-derivatives/single-name-cds-roll/" target="_blank">http://www2.isda.org/asset-classes/credit-derivatives/single-name-cds-roll/</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>https://www.isda.org/a/vGiDE/amend-single-name-on-the-run-frequency-faq-revised-as-of-12-10.pdf [bare URL PDF] <a href="https://www.isda.org/a/vGiDE/amend-single-name-on-the-run-frequency-faq-revised-as-of-12-10.pdf" target="_blank">https://www.isda.org/a/vGiDE/amend-single-name-on-the-run-frequency-faq-revised-as-of-12-10.pdf</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> </ol>