Systems and methods are provided for a CDS trustee and collateral manager. In some embodiments, the systems and methods of the invention may provide a holistic approach to CDS transactions which facilitates such transactions, enables the management of such transactions, streamlines the resolution of these transactions, improves market information relating to these transactions, and provides other advantages. In some embodiments, a CDS trustee is provided that manages CDS documentation throughout the CDS transaction market and therefore can determine the positions and exposure of all market players. In some embodiments, the CDS trustee may also monitor for and process credit events of a reference entity to a CDS transaction. Furthermore the CDS trustee may facilitate payments to and from counterparties to CDS transactions, facilitate unwinding of CDS transactions, facilitate settlement of CDS transaction in the event of a credit default, and/or provide other features and functions. In some embodiments, a collateral manager is provided to enable the use of securities as collateral and other collateral management for CDS transactions.