ICE Benchmark Administration (IBA) has been chosen to run the international committees that decide when a credit default has occurred, triggering the payment of credit default swaps (CDS).

The New York City-based International Swaps and Derivatives Association, Inc. (ISDA) on Friday announced that IBA will take over as secretary to the ISDA Credit Derivatives Determinations Committees — a role that is currently filled by the ISDA itself.

These committees, which include 10 sell-side and five buy-side firms, along with other members, are responsible for determining whether credit events have occurred in the CDS market.

There will be a six-month transition period for IBA to take over the role. After that transition period, it will become responsible for operating the determinations committee process, and “ensuring that the process is robust, transparent and meets regulatory and governance standards,” ISDA says in a news release.

“The ISDA selection committee felt IBA has the necessary skills and expertise to support and develop the DC process and help ensure the long-term viability of the credit derivatives market. We will work closely with IBA in the coming months to ensure a smooth and orderly transition of the DC secretary responsibilities,” says Scott O’Malia, ISDA’s chief executive, in a statement.

IBA also administers three systemically important benchmarks: ICE LIBOR; LBMA Gold Price and ICE Swap Rate.