Tag: Isda


BoE Signs Up to ISDA’s IBOR Fallbacks Protocol

The Bank of England (BoE), has signed up to the International Swaps and Derivatives Association’s (ISDA) ‘IBOR Fallbacks Protocol’ ahead of the transition away from LIBOR by the end of 2021. ISDA launched the Protocol today and confirmation that the Bank has signed up is available on ISDA’s website. This will apply both to transactions BoE undertakes on […]

ISDA Publishes Whitepapers on Smart Contracts, DLT

The International Swaps and Derivatives Association (ISDA) and R3 have collaborated with Clifford Chance, Jones Day, Linklaters and McCann FitzGerald to publish four new whitepapers that analyse the legal issues associated with using smart derivatives contracts on distributed ledger technology (DLT). Use of new technologies has the potential to significantly increase efficiency and reduce costs for derivatives […]

FSB Publishes Libor Transition Roadmap

The Financial Stability Board (FSB) has published a global transition roadmap for Libor that sets out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth transition by end-2021. In July the FSB reaffirmed that financial and non-financial sector firms across all jurisdictions should continue their efforts to make wider […]

ISDA Gets DoJ, FSB, Nod on Fallbacks

The International Swaps and Derivatives Association’s (ISDA) proposal on a Fallback Protocol to ease the transition from Ibors to new Risk Free Rates (RFRs) has overcome a big hurdle with the US Department of Justice stating it has no objections to ISDA’s suggested pathway. In a business review letter the DoJ says it has concluded […]

Risk-Free Rate Adoption Climbing, but Still Low

The latest monthly data from the ISDA-Clarus RFR Adoption Indicator suggests that while more contracts in the interest rate derivative space are linked to risk-free rates (RFRs), the portion is still largely in the minority. The indicator is intended to track how much global trading activity (as measured by DV01) is conducted in cleared OTC […]

ISDA Urges Support for New Ibor Fallbacks

The International Swaps and Derivatives Association (ISDA), has published a statement strongly urging adherence to the association’s Fallback Protocol as part of the financial markets industry’s switch from Ibors to risk-free rates (RFRs). ISDA is planning to amend certain ‘rate options’ in its 2006 Definitions to include fallbacks that would apply upon the permanent discontinuation […]

ISDA Unveils Risk-Free Adoption Indicator

The International Swaps and Derivatives Association (ISDA) has launched a new indicator to monitor the adoption of alternative risk-free rates (RFRs) in derivatives trading. The indicator, developed in conjunction with Clarus Financial Technology, will provide a monthly snapshot of RFR trading activity in interest rate derivatives (IRD) markets, based on global cleared OTC and exchange-traded […]

COVID-19 Global Impact on Swaps Market Liquidity

Liquidity in the swaps market came under pressure as the COVID-19 crisis spread globally in late February into early March, then rebounded after governments and central banks intervened. To understand the nature of the crisis and the consequences of the official sector interventions, Greenwich Associates, in conjunction with ISDA, interviewed 172 buy- and sell-side swaps […]

Associations Call for European Benchmark Reform

Four associations have published a briefing paper with recommendations to reform the European Union Benchmarks Regulation (BMR), aimed at maintaining the intended protections of the regulation but reducing the potential for uncertainty and disruption and preventing EU investors from being put at a competitive disadvantage versus non-EU entities. The four associations, the International Swaps and […]

ISDA, Aosphere, Launch e-Contracts Service

With an increasing number of financial markets contracts being confirmed electronically, the International Swaps and Derivatives Association (ISDA) and Aosphere have launched a new service that will enable users to quickly and efficiently assess issues relating to the enforceability of electronically executed and confirmed contracts. The tool, called Diligence – ISDA e-Contracts, covers ISDA’s e-contract opinions […]

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