"Big Bang" Protocol
The "Big Bang" Protocol is an initiative launched on April 8, 2009 by the International Swaps and Derivatives Association Inc. (ISDA) to help strengthen the credit default swap markets. 
The Protocol represents the final step in the process known as “hardwiring”, or the incorporation of auction settlement terms into standard CDS documentation.  It is intended to make it easier for investors in the opaque credit derivatives market to know what will happen to their contracts if debt defaults occur.
More than 2,000 market participants have signed on to the protocol. AIG's financial products unit was among those who did not.
- Markets Appear Ready for "Big Bang" in CDS Market. FinanceTech.
- ISDA Announces Successful Implementation of 'Big Bang' CDS Protocol. ISDA.
- AIG in spotlight over derivatives. The Financial Times.