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ISDA Definitions move post-printing press

ISDA have today published the 2021 ISDA Interest Rate Derivatives Definitions. The definitions consolidate the 70+ supplements since 2006 and incorporate the following updates: A new fallback trigger that will take effect if a party is prohibited from using a benchmark Generic fallbacks for those floating rates with no existing fallback provisions A new methodology […]

ISDA launches SBS Protocol

ISDA has today launched the 2021 Security-based Swaps (SBS) Top-Up Protocol. The Protocol allows firms that have adhered to either the August 2012 or March 2013 Dodd-Frank protocols to incorporate new SEC rules for SBS. The first registration date, in respect of certain of the new rules is 6 October 2021, SBS dealers must resister […]

Contractual “default” – it means what it says on the tin

Introduction One of the most important tasks of any commercial contract is to answer the question “how can it all go wrong?”  In other words, what do we mean when we talk about the ‘default’ of one or both of the parties?  In the recent case of ABC Electrification Limited and Network Rail Infrastructure Limited[1], […]

UK EMIR- tomAto tomAHto

This year’s “transition” period has inevitably devolved into a slow game of “Chicken”- it’s yet to be seen whether it will result in a complete car crash. Whatever the extension/shadow deal/no deal final outcome; the City and financial services have been excluded from consideration. Absent any imminent prospect of equivalence decisions; ISDA has yesterday published […]

2021- Breaking Points

As a form of due diligence, I have to plough through such an amount of Fear-Uncertainty-Doubt “marketing” articles to have developed a deep dislike for the breed. That said, we thought it instructive to briefly remind readers of the 2021 Regulatory calendar, at least while some time remains to mitigate. Benchmark Reform The ISDA Fallbacks […]

ISDA release CMT Toolkit

ISDA are continuing their drive to promote document digitisation with the recent release of four electronic tools that will help firms: improve their digital documentation strategy; streamline their portfolio reconciliation and dispute resolution process; update custodial onboarding for segregated accounts. These issues were deemed priority topics by ISDA members and relevant working groups, the recently […]

Protocol starts with a bang

ISDA have today officially launched the IBOR Fallbacks and Supplement and Protocol. The supplement amends ISDA’s standard 2006 definitions for interest rate derivatives, incorporating robust fallbacks for IBOR-linked derivatives. Changes take effect on 25 January 2021, from which date the fallbacks will be included in all new cleared and OTC derivative transactions that reference the […]

Eyes on IBOR – Update no. 5: The Protocol

On 9 October 2020, ISDA published the advent of the long-awaited Fallbacks Protocol (“the Protocol”) and updated 2006 Definitions (“the Supplement”). While the official Launch Date is 23 October 2020, early adopters may adhere in advance by application to their ISDA contact. The publication marks the beginning of the largest, single-phase amendment project ever undertaken […]

Landmark LIBOR date delayed

ISDA yesterday announced a further delay to the publication of the long-awaited IBOR Fallbacks Protocol. CEO Scott O’Malia used the ISDA derivatiViews blog to inform the market that the effective date of the protocol is now expected to be mid-late January, referencing a letter to this effect sent to the Bank of England and the […]

IM deferred by 1 year

On 3 April 2020 BCBS and IOSCO announced a one year extension to IM Phases 5 and 6. Accordingly, the revised Phase 5 deadline is 1 September 2021, Phase 6 is 1 September 2022. AANA calculation periods for each phase will also be extended by one year.   AANA Period (EU) Threshold Deadline Phase 5 […]

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