Thomson Reuters Session 1: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
In December 2023, the England & Wales Court of Appeal unanimously overturned the high-profile ruling handed down by the Commercial Court in October 2022 in the case of Banca Intesa Sanpaolo and Dexia v Comune di Venezia. In...more
January 29, 2024, marks the end of an era for the interest rate derivatives (“IRD”) markets, since on this date the International Swaps and Derivatives Association (“ISDA”) and Clarus Financial Technology (“CFT”) published...more
The International Swaps and Derivatives Association (ISDA) has published a new ISDA SLD Clause Library (SLD Provisions) containing standardized clauses and definitions for use in sustainability-linked derivatives (SLDs). The...more
In 2013, the International Swaps and Derivatives Association (“ISDA”) started publishing the General Disclosure Statement for Transactions document (“General Disclosure”) with annexes containing disclosures of risks that are...more
The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more
On January 26, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA Digital Asset Derivatives Definitions (the “Definitions”). The Definitions are intended for documenting privately negotiated...more
In an amicus brief, the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association argued that the amount of a dealer’s termination claim under the 1992 ISDA Master Agreement...more
This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more
On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more
Swap contracts, famously described as the financial equivalent of “weapons of mass destruction,” have continued to evolve since their heyday leading up to the 2008-2009 financial crisis. Most swaps use the standardized...more
This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more
The CFTC recently published Brexit-related Letter No. 20-42 (December 4, 2020) in response to a request from the International Swaps and Derivatives Association, Inc. (ISDA). In its request, ISDA stated that the expiration of...more
There are many types of swaps: commodity swaps, foreign exchange swaps, but of primary interest to real estate lawyers are interest rate swaps. Interest rate swaps are colloquially thought of as contracts by which a naturally...more
Counterparties to swap and repurchase transactions have come under pressure following the financial dislocations caused by the novel coronavirus pandemic in 2020 (“COVID-19”). Falling and illiquid markets may result in margin...more
The International Swaps and Derivatives Association has announced the preliminary results of its consultation on pre-cessation fallbacks for LIBOR-referencing derivatives. The consultation was launched in February 2020, and...more
On February 25, 2020, the International Swaps and Derivatives Association (ISDA) launched a new consultation on how to implement pre-cessation fallback language into derivatives agreements. Responses are due by no later than...more
The new year is here and with it two important developments in the derivatives markets for nonswap dealer clients to consider. The first development is the market response to the looming discontinuation of U.S. dollar LIBOR...more
The International Swaps and Derivatives Association has published a letter in which it responds to the Financial Stability Board's November 15, 2019 letter on pre-cessation triggers. The co-Chairs of the FSB's Official Sector...more
For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more
Many tax-exempt bonds and related hedges, such as interest rate swaps ("Exempt Instruments"), use a LIBOR-based interest rate. LIBOR is going away, and existing Exempt Instruments are going to have to be modified to replace...more
In a continuing effort to address the advent of narrowly tailored credit events (NTCEs) in the CDS market, ISDA is now preparing for the implementation of the changes designed to deter market participants from running these...more
The U.S. Commodity Futures Trading Commission, U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority have issued a joint statement regarding the use of "opportunistic strategies" in the credit...more
In response to a request from the International Swaps and Derivatives Association, the Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight issued no-action relief that will permit swap...more
On May 16, the International Swaps and Derivatives Association, Inc. (“ISDA”) published two consultations in connection with the potential discontinuation of certain interbank offered rates (“IBORs”), seeking input on (i) the...more
In September 2018, the International Swaps and Derivatives Association (ISDA) published the ISDA Benchmarks Supplement as a response to the EU Benchmarks Regulation (BMR), which regulates the use of benchmarks....more