ISDA

The International Swaps and Derivatives Association, Inc. (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have today launched a roadmap that highlights key challenges involved in transitioning financial market contracts and practices from interbank offered rates, or ‘IBORs’, to alternative risk-free rates (RFRs). 

A new ISDA survey explain the flows of margin for cleared and uncleared OTC products

This paper – Smart Contracts and Distributed Ledger – A Legal Perspective – outlines a possible near-term application of a smart contract for derivatives, and highlights the importance of a more formal representation of certain legal clauses and actions within the ISDA Definitions to enable them to be represented and executed via smart contract code.

As the margin requirements for non-centrally cleared OTC derivatives are close to being rolled out under a globally aligned timetable, the market is currently in a frenzy to be compliant in time. A documentation process is part of this preparation and this article provides an overview of all the ISDA WGMR documentary initiatives which have been up and running for a while and are now approaching completion.  

The global derivatives markets – in particular, the market for euro interest rate swaps – remains fragmented along geographic lines, according to an analysis of data to June 30, 2015. This report is the fourth in a series of research notes charting changes in global liquidity pools since US swap execution facility (SEF) rules came into force in October 2013.