On 26 August 2015, ISDA announced that the 2014 Stay Protocol is to undergo revisions. Although it remains open, it is not expected that any market participant would adhere at this time. On the same day, in its comment to the PRA Consultation Paper on contractual stays in financial contracts governed by third-country law, ISDA […]

The High Court in the UK[1] recently clarified important parameters of the Market Quotation process under the 1992 ISDA Master Agreement. It is now established that quotations must be obtained on or after the Early Termination Date and that “live” quotes must be obtained. Backdated or indicative quotes are definitely unacceptable. These questions had remained […]

On 21 August 2014, ISDA published the 2014 ISDA Credit Derivatives Definitions Protocol. Members and non-members can adhere by 12 September 2014. Citigroup is the first entity to adhere to the protocol. The protocol should enable the adhering parties to effectively transition to the new 2014 ISDA Credit Derivatives Definitions, published earlier this year and […]

On 12 May 2014, ISDA published the “ISDA 2014 Collateral Agreement Negative Interest Protocol” (the Protocol).  The Protocol pretty much does what it says on the tin – creating a mechanism to allow adhering parties to amend collateral agreements such that, if the Interest Amount for an Interest Period is negative, the Pledgor/Transferor of cash […]

ISDA is in the final stages of preparing its ISDA 2014 Collateral Agreement Negative Interest Protocol (the “Protocol”) for publication.  ISDA currently expects the Protocol to be open for adherence sometime during the week commencing 17 February 2014. The Protocol allows adhering parties to amend credit support documentation to account for negative interest amounts on […]

Risk Magazine is reporting that, in its current form, the FIA-ISDA Cleared Derivatives Execution Agreement does not comply with CFTC guidance, with the consequence that thousands of existing agreements will either have to be “torn up or amended”.

On 11 October 2013, ISDA published the “ISDA 2013 Discontinued Rates Maturities Protocol” (the “DRM Protocol”), a protocol which amends confirmations relating to “Protocol Covered Transactions”. It’s truly amazing how so many words can be used to convey so simple a message.  The effect of the amendment is that, in the absence of an agreed […]

15 September 2013. The deadline for compliance EMIR portfolio reconciliation and CCP registration is here. Portfolio Reconciliation: The deadline falls six months after ESMA’s technical standards were published, requiring counterparties to “”agree in writing or other equivalent electronic means with each of their counterparties on the arrangements under which portfolios shall be reconciled. Such agreement […]

On 9 September 2013, ISDA published the Form of Change of Status Notice for the ISDA 2013 EMIR NFC Representation Protocol (the “EMIR Protocol”).  The Protocol enables parties to amend ISDA Master Agreements to reflect their status under EMIR (see this blog post for more details). The notice will allow adherents to the EMIR Protocol […]