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International Swaps and Derivatives Association Swaps

Mayer Brown

UK Court Of Appeal Overturns Judgment In Latest Italian Swaps Decision Concerning Corporate Capacity

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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

Blank Rome LLP

ISDA and Clarus Publish the Final Risk-Free Rate Adoption Indicator

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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

Holland & Knight LLP

ISDA Publishes Standardized Clauses for Sustainability-Linked Derivatives

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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

Cadwalader, Wickersham & Taft LLP

ISDA Publishes Updated General Disclosure Statement for Transactions

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

Latham & Watkins LLP

When Does an Event of Default Cease to Be Continuing

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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

Cadwalader, Wickersham & Taft LLP

ISDA Publishes Digital Asset Derivatives Definitions and Accompanying Whitepaper Addressing Netting and Collateral Issues

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

Pillsbury Winthrop Shaw Pittman LLP

ISDA and SIFMA Back Dealers’ Bankruptcy Interest Swap Termination Claims over Debtor Objection

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

Hogan Lovells

Understanding the SEC’s new security-based swap dealer regulations - What should commercial end users, funds, and other financial...

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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

Goodwin

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

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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

Troutman Pepper

ISDA Swap Primer: Recent Developments and Considerations

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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

Holland & Knight LLP

Libor Discontinuation: Update for Floating Rate Borrowers

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This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more

Orrick, Herrington & Sutcliffe LLP

CFTC Issues Brexit-Related No-Action Relief Regarding Margin and Clearing Requirements

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

ArentFox Schiff

Swaps 101 and the Death of LIBOR

ArentFox Schiff on

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

K&L Gates LLP

COVID-19: Crisis Management for End-Users of Swaps and Repos: Key Issues in Responding to Margin Calls and Early Termination...

K&L Gates LLP on

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

A&O Shearman

International Swaps and Derivatives Association Announces Preliminary Results of LIBOR Pre-Cessation Fallbacks Consultation

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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

A&O Shearman

ISDA Issues Consultation on Pre-Cessation Fallback Provisions to Facilitate LIBOR Transitioning

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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

Hogan Lovells

Documentation changes may be required for commercial end users, funds, and other financial end users

Hogan Lovells on

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

A&O Shearman

International Swaps and Derivatives Association Seeks Clarity on Implications of Potential "Non-Representative" LIBOR Statement

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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

ArentFox Schiff

The End of Libor

ArentFox Schiff on

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

Orrick, Herrington & Sutcliffe LLP

Tax Relief for Replacing LIBOR in Tax-Exempt Debt and Swaps

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

Kramer Levin Naftalis & Frankel LLP

ISDA Implements Changes to the Credit Derivatives Definitions

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

A&O Shearman

US and UK Regulators Issue Joint Statement on Credit Derivatives Markets

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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

A&O Shearman

US Commodity Futures Trading Commission Provides Margin Relief for Legacy Swaps

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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

Orrick - Derivatives in Review

ISDA Publishes Additional IBOR Consultations

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

McGuireWoods LLP

Update on LIBOR Reforms and ISDA Documentation

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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

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