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 […]

…but refuses to take a standing count in the fight over initial margin. This is a link to an article in Risk Magazine which confirms that, despite its continued in-principle opposition to the initial margin proposals contained within the Working Group on Margin Requirement’s (WGMR) consultation paper on “Margin requirements for non-centrally cleared derivatives”, ISDA […]

Here is a link to an article which reports that ISDA has drafted a proposal to add a new credit event for financial credit default swaps.  The proposal is in response to the: introduction of the European Commission’s bail-in framework (part of a package of legislation aimed at bolstering bank recovery and resolution) which will […]

On 13 May 2013, ISDA launched the ISDA 2013 Reporting Protocol (the “Reporting Protocol”). The purpose of the Reporting Protocol is to assist firms which are subject to mandatory trade reporting requirements (under, inter alia, the Dodd-Frank Act, EMIR and MifIR).  In recognition of the fact that many firms may also be subject to contractual, […]

On 6 May 2013, ISDA published the Derivatives/FX Prime Brokerage Business Conduct Allocation Protocol to help prime brokers and executing dealers comply with the Dodd-Frank External Business Conduct Rules (“EBC”) which became effective on 1 May 2013. Broadly, in a prime brokerage situation, the prime broker may (i) grant limited agency powers to the counterparty […]

On 24 April 2013, ISDA issued a press release announcing the publication of “Form of Confirmation for Market Agreed Coupon (MAC) Swap”, designed to improve transparency, promote liquidity and facilitate portfolio compression in the IRS market through the use of pre-agreed terms. The MAC Swap will feature standard start and end dates, payment dates, fixed […]