On 22 August 2014, the Securities Association of China (SAC), the China Futures Association (CFA) and the Asset Management Association of China (AMAC) jointly published the 2014 Master Agreement. The SAC, the CFA and the AMAC are all self-regulatory organisations supervised by the China Securities Regulatory Commission (CSRC), which approved the 2014 Master Agreement. The […]

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 […]

The ISDA/FIA Europe Cleared Derivatives Execution Agreement was published on 15 May 2014.  It facilitates principal-to-principal trading between an executing broker and its client of swaps that the parties have agreed are to be cleared by a CCP located outside of the US. The agreement describes the process for submitting a trade to a CCP […]