ISDA

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

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July 16th, 2018 by Eluned Vickers Tags: , ,

ISDA issues new French and Irish law Master Agreements – just because they can The overwhelming majority of ISDA Master Agreements entered into by counterparties located in the EU (European Union)/EEA (European Economic Area) are governed by English law and they submit to the jurisdiction of the English Courts. Both for netting and collateral arrangements, English law […]

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This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

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January 23rd, 2018 by Nick Railton-Edwards Tags: , , , , ,

On 18 January  the Supreme Court closed the curtain on the long-running Dexia Crediop SpA v Comune di Prato saga. The Court refused leave for the municipality (Prato) to appeal the 15 June 2017 Court of Appeal decision in Dexia’s favour. The case became something of a cause celebre when an earlier decision by the […]

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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 13 December 2016, the England’s Court of Appeal dismissed the case[1] brought by a group of Portuguese public sector transport companies against Santander Totta SA (“Santander Portugal”) in connection with nine interest rate swaps down to the tune of €1.3 billion[2]. The High Court on 24 March 2016 regarded as legal, valid and binding […]

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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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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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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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