Thomson Reuters Session 1: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
The white paper examines how generative AI might shape the global derivatives markets, including new opportunities for industry stakeholders. ISDA Future Leaders in Derivatives (IFLD) is a cohort of emerging leaders in...more
The International Swaps and Derivatives Association (ISDA) is launching and publishing the ISDA U.S. Renewable Energy Certificate Annex (REC Annex) to enable market participants to efficiently sell and purchase renewable...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
In a new publication, ISDA explores the benefits of digitization and blockchain solutions for global foreign exchange derivatives markets. As blockchain and distributed ledger technology (DLT) use cases continue to grow...more
The launch of the Protocol and the Supplement represents a key landmark in the transition away from IBORs but is not a one-stop solution. Key Points: ..The Protocol and the Supplement, which take effect on January 25,...more
The International Swaps and Derivatives Association Inc. (ISDA) has published its long-awaited 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA Definitions (the Amendments). These documents,...more
With the continuing spread of the COVID-19 pandemic across the globe, its full implications remain unknown. For OTC derivatives market participants, COVID-19 raises a number of considerations that firms should take into...more
1. What is LIBOR and why is it going away? The London Interbank Offered Rate, or “LIBOR,” is a reference rate commonly used in a broad range of financial contracts. In fact, it serves as a reference rate for tens of...more
Recent updates from the Bank of England, the New York Federal Reserve, and the International Swaps and Derivatives Association and Bloomberg in connection with publication of IBOR fallback rate adjustments should be welcomed...more
The Situation: The increased use of financial sanctions (in particular "sectoral" or targeted sanctions) by the United States and European Union has the potential to cause short-term illiquidity, contagion, and market...more
The ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR is finally here. How the spread adjustment from LIBOR to a SOFR index will be calculated is one of the more...more
ISDA has reopened the CDS NTCE Protocol prior to its effective date on Jan. 27, 2020. The Protocol will remain open for adherence until noon on Friday, Jan. 24, 2020. ...more
ISDA has extended the closing date for the CDS NTCE Protocol by two weeks. The Protocol will now close on Oct. 28. This extension of the adherence period is due to the relatively modest rate of adherence so far. ...more
Following its previous two consultations, the International Swaps and Derivatives Association has launched a consultation on the proposed final parameters that will apply to alternative risk-free rates if derivatives fall...more
The Situation: The International Swaps and Derivatives Associations, Inc. ("ISDA") is in the process of amending its credit derivatives documentation to address concerns market participants and regulators have raised...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
As a continuation of our previous update on the phase-out of the London Interbank Overnight Rate (“LIBOR”) (April 30, 2019: What the LIBOR Phase-out Means for Debt Capital Market Participants), the Securities and Exchange...more
On July 12, 2019, the U.S. Securities and Exchange Commission (SEC) joined the call to prepare for the transition away from LIBOR. The staff of several Divisions of the SEC (the Divisions of Corporation Finance (DCF),...more
The Situation: The Staffs of the Divisions of Corporation Finance, Investment Management and Trading and Markets ("Divisions") of the U.S. Securities and Exchange Commission ("SEC") and its Office of the Chief Accountant...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
On November 2, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2015 Section 871(m) Protocol (the Protocol) that provides an efficient method to amend existing ISDA Master Agreements to...more
On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more
The International Swaps and Derivatives Association (ISDA) recently issued the ISDA 2014 Resolution Stay Protocol (Protocol), which takes effect on 1 January 2015. The Protocol aims to prevent adhering parties from...more
With exactly one month left until the September 22 effective date of the International Swaps and Derivatives Association’s (ISDA) new 2014 Credit Derivatives Definitions, ISDA has published a protocol to assist in applying...more