On 21 August 2014, ISDA published the 2014 ISDA Credit Derivatives Definitions Protocol. Members and non-members can adhere by 12 September 2014. Citigroup is the first entity to adhere to the protocol. The protocol should enable the adhering parties to effectively transition to the new 2014 ISDA Credit Derivatives Definitions, published earlier this year and […]

On 6 August 2014, 11 US banks received a reminder by their regulators that the rights on early termination in their ISDA Master Agreements will require material changes in order to provide credibility for their living wills. This comment likely applies to every institution which is required to produce a living will under the Dodd-Frank […]

On 8 August 2014, ISDA published the ISDA Reporting Delegation Agreement (the “RDA”).  The RDA is a bilateral standard form which allows market participants to comply with derivatives transaction reporting regimes by agreeing that one party (the “Reporting Delegate”) will report relevant data to a trade repository on behalf of the other party (the “Client”). […]

On 1 August 2014, ISDA and the Fédération Bancaire Française (FBF) published an Addendum Annex to the ISDA/FOA Client Cleared OTC Derivatives Addendum. The annex has been prepared for use with the ISDA/FOA Client Cleared OTC Derivatives Addendum in order to achieve a better connection with the AFB or FBF Master Agreements. In particular, adjustments […]

Scott O’Malia’s respite from the derivatives markets has been brief; it is likely the CFTC’s respite from Scott O’Malia will be equally short. ISDA have announced his appointment as chief executive, effective 18 August, succeeding Bob Pickel the CEO of 17 years. “Scott is a respected leader on many key issues affecting our markets, including […]

The CFTC has extended the reopened comment period for its latest efforts to impose position limits on participants in the commodity derivatives market. The Position Limits Proposal and the Aggregation Proposal are the “unassailable” formulation, following the legal rejection of its predecessor on the grounds of ambiguity and lack of necessity. The controversial proposals have […]

On 19 June 2014 ISDA published its long-awaited amendment to Section 2(a)(iii) of the ISDA Master Agreement.  The amendment allows market participants to insert a time limit on the operation of Section 2(a)(iii) in circumstances where an Event of Default has occurred in relation to one of the parties, as detailed below. If an Event […]

Eurex Clearing has announced an extension of its client clearing documentation to facilitate on-boarding under EMIR. Market standard Annexes have been added to both the FOA Client Clearing Module[1] (the “Module”) and the ISDA/FOA Client Clearing Addendum (the “Addendum”), enabling a standardisation of client clearing documentation of OTC derivatives. The publication of the Eurex Clearing […]

Our Guest Blogger, Richard Firth[1] has filed a “heads up”; of the upcoming HKIAC London presentation and gives some commentary on the issues: ARBITRATION: NEED TO KNOW Since the publication of the 2013 ISDA Arbitration Guide (the “Guide“), market participants are increasingly “hard-wiring”  arbitration provisions into new  ISDA Master Agreements (“ISDA MAs“) in place of  the submission to the […]