ISDA are to publish a “Cross-Border Swaps Representation Letter” in order to facilitate compliance with the CFTC’s final territoriality guidance. The letter, currently in draft form, contains a series of representations which may be checked or not according to one’s status under the guidance. If a party self-identifies as not a US person, the letter […]

ISDA is currently drafting a protocol designed to allow market participants to amend the terms of bilateral (not unilateral) credit support documentation to account for negative interest amounts on cash collateral.  The protocol will exclude those collateral agreements which already: specify an alternative to the payment of an “Interest Amount”; detail arrangements for interest to […]

On 19 July 2013, ISDA published the “ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol” (the “Protocol”).  The Protocol enables parties to amend ISDA Master Agreements (and certain other agreements) in order to reflect the portfolio reconciliation and dispute resolution provisions of EMIR, due to come into force on 15 September 2013.  It […]

As per our previous blog post, ISDA has today published the final version of its “EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol” (the Protocol).  ISDA has made minor changes to the pre-publication draft but there are a couple of salient differences to note in the Adherence Letter (Exhibit 1): the addition of Adherent’s contact […]

Introduction ISDA is currently putting the finishing touches to its “EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol” (the Protocol), the final version of which is likely to be published later this month.  The Protocol will enable parties to amend ISDA Master Agreements (and certain other agreements) in order to reflect the portfolio reconciliation and […]

On 13 May 2013, ISDA launched the ISDA 2013 Reporting Protocol (the “Reporting Protocol”). The purpose of the Reporting Protocol is to assist firms which are subject to mandatory trade reporting requirements (under, inter alia, the Dodd-Frank Act, EMIR and MifIR).  In recognition of the fact that many firms may also be subject to contractual, […]

On 6 May 2013, ISDA published the Derivatives/FX Prime Brokerage Business Conduct Allocation Protocol to help prime brokers and executing dealers comply with the Dodd-Frank External Business Conduct Rules (“EBC”) which became effective on 1 May 2013. Broadly, in a prime brokerage situation, the prime broker may (i) grant limited agency powers to the counterparty […]

On 22 March 2013, the ISDA March 2013 Dodd-Frank Protocol (the “DF Protocol 2.0”) opened.  The DF Protocol 2.0 is part of ISDA’s Dodd-Frank Documentation Initiative and attempts to assist the industry in complying with certain CFTC final rulings imposed under Title VII of the Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank […]

Introduction On 8 March 2013, ISDA published its “ISDA 2013 EMIR NFC Representation Protocol” (the “EMIR Protocol”), the purpose of which is to enable parties to amend ISDA Master Agreements to reflect their status under EMIR as either: financial counterparties (FC); non-financial counterparties to which the clearing obligation applies (NFC+), or non-financial counterparties to which […]