On 11 October 2013, ISDA published the “ISDA 2013 Discontinued Rates Maturities Protocol” (the “DRM Protocol”), a protocol which amends confirmations relating to “Protocol Covered Transactions”. It’s truly amazing how so many words can be used to convey so simple a message.  The effect of the amendment is that, in the absence of an agreed […]

Introduction A further addition to the already long list of bilateral amendments to derivative documentation became available on 10 September 2013 when ISDA published its Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement (the “Extension Agreement”) together with an Explanatory Memorandum. The Extension Agreement is a bilateral amendment which allows parties which have […]

On 9 September 2013, ISDA published the Form of Change of Status Notice for the ISDA 2013 EMIR NFC Representation Protocol (the “EMIR Protocol”).  The Protocol enables parties to amend ISDA Master Agreements to reflect their status under EMIR (see this blog post for more details). The notice will allow adherents to the EMIR Protocol […]

Introduction 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.  […]

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 In a letter to the CFTC dated 27 June 2013, a number of market participants highlighted the practical challenge in complying with certain Dodd-Frank External Business Conduct Standards (“EBCS”) in the context of intermediated prime brokerage arrangements relating to (i) non-cleared foreign exchange swaps, and (ii) physically-settled foreign exchange forwards and swap agreements that […]

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 […]