ISDA

August 10th, 2017 by Jessica Cousin

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

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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 20 December 2016, ISDA published template clauses which allow market participants to include “Independent Amounts” within their Variation Margin CSAs.  The purpose of the amendments is to allow counterparties to create a single CSA which covers both regulatory variation margin and non-regulatory Independent Amounts. The new provisions work by amending the definitions of “Delivery […]

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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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July 7th, 2016 by Simon Lafrance

On 30 June 2016, ISDA published the Regulatory Margin Self-Disclosure Letter to facilitate compliance with the regulations on margin requirements for uncleared derivatives in the following jurisdictions: Canada The European Union Japan Switzerland The United States The letter allows parties to confirm basic information about their respective status in each jurisdiction (e.g. FC, NFC+ or […]

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