International Swaps and Derivatives Association Swaps

News & Analysis as of

ISDA launches new derivatives product identification standard

ISDA has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently and comprehensively across all derivatives facilities. ...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Goofy Haircut

Under the Margin Rules, swap dealers and major swap participants that do not have a prudential regulator (Covered Swap Entities, or CSEs) would be required to collect and post initial margin for uncleared swaps with financial...more

ISDA’S Standard Initial Margin Model (SIMM) For Uncleared Derivatives: Draft Documents

On June 19, 2015, the International Swaps and Derivatives Association, Inc. (ISDA) published three draft documents relating to its proprietary Standard Initial Margin Model (SIMM) for non-cleared derivatives. The SIMM project...more

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

ESMA, ISDA, and FIA Europe Publish Capital Markets Union Responses

The European Securities and Markets Authority (“ESMA”), the International Swaps and Derivatives Association (“ISDA”) and FIA Europe have published their responses to the European Commission’s Green Paper on Building a Capital...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

Derivatives in Review - March 2015

NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more

ISDA Survey Finds End Users Uncertain About New Margin Requirements

Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, with a large number unsure whether they will even have to comply with the rules, according to a survey published by...more

Federal Reserve Board and FDIC Welcome ISDA Announcement

On October 11, the Board of Governors of the Federal Reserve System and the FDIC applauded the International Swaps and Derivatives Association (ISDA) for the agreement of a new resolution stay protocol....more

The Financial Report, Volume 3, Number 18 (Global)

Discussion and Analysis - Last Tuesday, the United States District Court for the District of Columbia mostly upheld the Commodity Futures Trading Commission’s authority to regulate cross-border derivatives trading. The...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

Corporate and Financial Weekly Digest - Volume IX, Issue 33

In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more

ISDA Section 2(a)(iii) Amendment Limits Prerogatives of Non-Defaulting Parties

On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more

Application of the European Market Infrastructure Regulation to Alternative Investment Fund Managers

European investment managers of non-UCITs funds will have to be authorised as an alternative investment fund manager (known as an “AIFM” under AIFMD) under the Alternative Investment Fund Managers Directive (“AIFMD”) from 22...more

Orrick's Derivatives in Review - July 2014

Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more

"ISDA and FIA Europe Publish Cleared Derivatives Execution Agreement"

On May 15, 2014, the International Swaps and Derivatives Association (ISDA) and the Futures Industry Association (FIA) Europe published the ISDA/FIA Europe Cleared Derivatives Execution Agreement (ISDA/FIA Europe CDEA). ...more

International Arbitration of Financial Disputes: Key Questions Answered

This article addresses key questions concerning the use of international arbitration in cross-border financial transactions, and includes a discussion of the International Swaps and Derivatives Association (ISDA) September...more

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

Recent Case on Safe Harbor Provisions in Swap Agreements

Bankruptcy cases are the proving ground for interpreting the boundaries for ISDA safe harbor provisions under the United States Bankruptcy Code. Michigan State Housing Development Authority v. Lehman Brothers Derivative...more

CFTC Faces Court Challenge to Cross-Border Guidance

The Securities Industry and Financial Markets Association (“SIFMA”), International Swaps and Derivatives Association (“ISDA”), and Institute of International Bankers (“IIB”) filed a suit against the CFTC in the U.S. District...more

Who Are The Swap Dealers?

We recently passed the first rolling 12-month period for determining which entities will surpass the CFTC’s de minimis swap dealing levels and thus be “swap dealers” under the Dodd-Frank Act. So, who are they?...more

ISDA Adopts Model Arbitration Clauses for Use with ISDA Master Agreements

Following extensive consultation with its members, in September 2013 the International Swaps and Derivatives Association (“ISDA”) published seven model international arbitration clauses (the “Model Arbitration Clauses”) for...more

Swap Users Take Note: March 2013 DF Protocol Deadline is July 1, 2013

Investment advisers with clients (including funds or separate accounts) that use swaps are reminded to have such clients sign up to the ISDA March 2013 DF Protocol (the “March DF Protocol”) by July 1, 2013....more

What Every End-User Needs to Know About the ISDA March 2013 DF Protocol

On March 22, 2013, ISDA published the March 2013 DF Protocol, and on May 20, 2013, ISDA Amend1 became available to accept Questionnaires under the new Protocol. The March 2013 Protocol (which is completely separate from the...more

ISDA Risk Disclosure Documents For Swaps

The CFTC business conduct rules require swap dealers to disclose the material risks of a particular swap to a counterparty, which may include market, credit, liquidity, foreign currency, legal, operational, and any other...more

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