In relation to the London fixing benchmark for silver, Richard Firth dialled into the ISDA call which took place at noon (London time) yesterday. The conference call was well attended by a large number of ISDA members.  The call was led by ISDA’s Peter Werner. Also in attendance was Richard Tredgett from Allen & Overy […]

Our guest blogger, Richard Firth, returned to Hong Kong yesterday. As an antidote to jet-lag, Richard has sent us this blog in relation to a hot commodities topic:  the London fixing benchmark for silver: market consultation initiatives; background; issues; and relevant websites, contact details and other information. MARKET CONSULTATION INITIATIVES The purpose of this blog […]

On 12 May 2014, ISDA published the “ISDA 2014 Collateral Agreement Negative Interest Protocol” (the Protocol).  The Protocol pretty much does what it says on the tin – creating a mechanism to allow adhering parties to amend collateral agreements such that, if the Interest Amount for an Interest Period is negative, the Pledgor/Transferor of cash […]

On 14 April 2012, the High Court ruled in the case of Greenclose Limited v. National Westminster Plc that email is not a valid method for delivery of notifications under the 1992 ISDA Master Agreement. The case is notable for a number of other findings, including that: Amendments to the notifications section of an ISDA […]

Following entry into force of the final CFTC rules on initial margin segregation on 6 May 2014 (see this blog post for more detail), ISDA has published a “Form of CFTC 23.704 Quarterly Notice” on its website.  The notice is intended to assist market participants in implementing the reporting requirement under regulation 23.704 relating to […]

On 23 April 2014 ISDA, in conjunction with A&O, discussed some of the potential effects that financial sanctions and trade limitations may have on transactions with Russian or Ukranian counterparties documented using either the ISDA 1992 or 2002 Master Agreements.  In brief, the main issued addressed during the call were as follows: Illegality There is […]

This month, we are lucky enough to have Richard Firth[1] contribute as a guest to the DRS blog.  Richard discusses the choice of arbitration or litigation within the context of the derivatives markets, suggests a number of practical points for consideration by those involved in this area and identifies where help can be found for […]

On 27 March 2014, ISDA published its CFTC IM Segregation Right Notice, designed to assist compliance with CFTC rule 23.701 which requires swap dealers and major swap counterparties to notify their counterparties of their right to require the segregation of initial margin posted as collateral in relation to uncleared swap transactions

In light of the difficulties which have plagued ISDA’s Standard Credit Support Annex (SCSA) (see this blog post for background), a successor, the SCSA2, is being drafted.  As before, the purpose of the SCSA2