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The International Swaps and Derivatives Association held its 35th annual general meeting over three days last week. Last year, the conference was due to be in Madrid, but it was postponed, and with international travel even less viable this year, the conference moved online.

For those unable to attend the online version, here is a summary of the highlights, from a few of three of the topics covered: IBOR transition, prudential issues such as Basel III implementation and future challenges and opportunities such as digitalisation.Continue Reading Virtually the same: 35th ISDA AGM

Stock finance business

The Working Group on Sterling Risk-Free Reference Rates (the Sterling Working Group) is an influential body of the Bank of England formed for the purpose of coordinating an orderly market transition from GBP LIBOR to risk free rates such as SONIA, by the end of 2021. During April 2021, it has published papers to assist derivative market participants with this transition. (For further background on the recommended timing for LIBOR transition see our Eye on IBOR Transition blog post here.)
Continue Reading A LIBOR of love: considerations for use of IBOR fall-backs or active transition

It’s now almost three months since the 2020 ISDA IBOR Fallbacks Protocol (the “Protocol“) went live.  In April, a US “legislative solution” became law for tough LIBOR legacy derivatives contracts governed by New York law, and in Germany the German Banking Association’s “Supplementary Agreement for IBOR Succession”, is gathering momentum.

In our latest,…

Have you met Anna? Well actually, although experts in the market pronounce it Anna, it’s spelt “AANA”.

Annually, or perhaps “AANAually” since 2016, with the notable exception of 2020, the breadth of derivatives counterparties in-scope for posting initial margin under the global margin rules, has expanded.

Back in 2016, a “Phase 1” derivatives…

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The UK Financial Conduct Authority (FCA), the UK regulator responsible, broadly, for market conduct made an announcement (the FCA LIBOR Announcement) on 5 March 2021, on the future cessation or loss of representativeness of all (35) LIBOR benchmarks.
Continue Reading What the FCA’s announced Index Cessation Event means for the 13,500+ adherents and other users of the 2020 ISDA IBOR Fallbacks Protocol and Fallbacks Supplement

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At the end of 2020, ISDA surveyed its membership to identify its priorities for the growth of derivatives-related environmental, social, and governance (“ESG”) issues. The membership answered that it expected growth in ESG derivatives and communicated a strong desire for documentation standardization.
Continue Reading ESG Derivatives – US Climate Finance Working Group

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Who wants to see digitalisation of legal contracts? Well certainly the derivatives contingent of the financial services industry which is battling increasingly complex standard documentation, streams of regulatory re-papering projects, and the continuous need to put in place age-old favourites such as the ISDA Master Agreement. Let’s focus on the ISDA Master Agreement, the hugely successful framework document underpinning most OTC derivatives trading.
Continue Reading Digital Derivatives – ISDA Create