Tag: Isda

Isda

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 […]

Trade Associations Urge UMR Implementation Delay

In response to the COVID-19 pandemic, 21 financial industry associations have submitted a letter on behalf of their members requesting BCBS (Basel Committee on Bank Supervision), IOSCO (International Organization of Securities Commissions), and other global regulators to suspend the current timeline for the initial margin phase-in. The letter says this will to allow market participants […]

ISDA Urges Authorities to Keep Markets Open

As exchange trading floors are closed amidst the Covid-19 crisis and pressure grows on countries to follow the Phillippines example in closing their markets, the chief executive of the International Swaps and Derivatives Association (ISDA), Scott O’Malia, has urged markets be kept open. Writing in the association’s Derivativiews O’Malia notes that some jurisdictions have implemented […]

Market Associations Stress the Importance of Keeping Markets Open

A group of financial market trade associations have issued a statement highlighting the importance of keeping US markets open. There have been suggestions in some quarters that the authorities may seek to curb the excess volatility of recent weeks by curtailing trading hours or even closing markets. The associations are; the Managed Funds Association, US […]

ISDA a Step Closer to Benchmark Fallbacks Definition

The International Swaps and Derivatives Association (ISDA) has published a statement summarising responses to a supplemental consultation on the spread and term adjustments that would apply to fallbacks for derivatives referencing euro Libor and Euribor. The statement follows a fourth consultation exercise over the issue that has vexed markets as regulators push for an end to the […]