ISDA Protocols

What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

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Introduction With VM CSA repapering in full swing over at DRS, this article took a while longer to write than first anticipated.  It has now been two weeks since ISDA published another two supplemental rules exhibits further amending the ISDA 2016 Variation Margin Protocol (the “Protocol”) on 27 January 2017: Supplemental Rules Exhibit for Non-Netting […]

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On 16 December 2016, ISDA published a revised supplement to the ISDA 2016 Variation Margin Protocol for EU non-cleared margin regulations (the “Revised EMIR Supplements”). The Revised EMIR Supplements makes technical changes to the original EMIR Protocol supplements published on 17 November 2016 (the “Original EMIR Supplements”), in order to reflect more closely the settlement […]

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The Final Frontier On 17 November 2016, ISDA published a “Supplemental Rules Exhibit” (the “EMIR Supplement”) to the ISDA 2016 Variation Margin Protocol (the “Protocol”).  The purpose of the EMIR Supplement is to enable adherents to the Protocol to integrate amendments for margin rules for OTC derivatives in order to achieve compliance with EMIR[1] into […]

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September 26th, 2016 by Simon Lafrance Tags:

As should be well-known by now, adhering Parties to the VM Protocol[1] with the intention to retain a “legacy” CSA can either apply the Amend, or Replicate-and-Amend method to their New York, English or Japanese law document. Broadly speaking, the extent of the changes made to the CSAs will vary depending on: Elections made in […]

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Introduction On 16 August 2016, ISDA published the “2016 Variation Margin Protocol” (the “VM Protocol”), designed to assist counterparties in amending CSA documentation so as to comply with Working Group on Margin Requirements (WGMR) rules as implemented locally by: The US “Prudential Regulators”; The CFTC; The Financial Services Agency of Japan; and The Canadian Office […]

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July 22nd, 2016 by Simon Lafrance

On 19 July 2016, ISDA published the draft 2016 Variation Margin Protocol for public consultation. Comments must be submitted by Friday 29 July 2016. It is not in the habit of ISDA to hold a public consultation on its drafts – Protocols in particular are generally presented as a fait accompli. The initiative is to […]

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ISDA have today published the first Country Annexe to the 2015 Universal Stay Protocol, adding Spain to the list of Protocol-Eligible regimes. The protocol enables adherents to comply with the cross-border application of specified special resolution regimes (SRRs). Protocol Covered Agreements are amended to include a regime-imposed stay on resolution triggered contract termination. The 2015 […]

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Introduction On 3 May 2016 The International Swaps and Derivatives Association (ISDA) launched the “ISDA Resolution Stay Jurisdictional Modular Protocol” (the “JMP”).  The JMP is designed to enable market participants to comply with regulations in a number of jurisdictions which, broadly, require banks to obtain consent from their counterparties for the inclusion of statutory stays […]

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May 24th, 2016 by Simon Lafrance Tags:

On 3 May 2016, ISDA published the Resolution Stay Jurisdictional Modular Protocol, following the release of the Universal Resolution Stay Protocol in 2015 and the Resolution Protocol in 2014 – jointly supported by the Financial Stability Board (“FSB”) to uphold in a cross-border context the stay of early termination rights and related rights against important financial […]

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