This committee focuses on facilitating and addressing issues (ranging from documentation to market practice) related to the prudent development of the range of commodity derivatives transactions.

  • Europe Co-Chair: Jonathan Taylor (Barclays Capital)
  • Europe Co-Chair: Max Nuttall (BP)
  • Japan Chair: Please refer to the Weather, Commodities & Developing Products Committee under the Japan Committee webpage
  • North America Chair: Steven Bunkin (Goldman Sachs)
  • North America Staff Contact: Johanna Schwab (jschwab@isda.org)
  • Europe Staff Contact - Peter Werner (pwerner@isda.org)

How to Join

ISDA Commodity Documentation

Best Practice Statements and Guidance Notes

Comment Letters; Papers; Amicus Briefs

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Please join us in Houston on June 17 and 18, 2008!

Fundamentals of Commodity Derivatives Seminar
June 17, 2008 - The Four Seasons Houston
7.5 CLE Hours Available (New York)
6.5 MCLE Credit Hours Available (Texas)
7.5 CPE Hours Available


View Agenda | To Register


ISDA Energy, Commodities and Developing Products Conference
June 18, 2008—The Four Seasons Houston

7.5 CLE Hours Available (New York)
6.5 MCLE Credit Hours Available (Texas)
7.5 CPE Hours Available

View Agenda | To Register

ISDA Commodity Documentation

ISDA Commodity Definitions
SUBJECT

STATUS

AVAILABLE DOCUMENTS

2005 ISDA Commodity Definitions and related User's Guide - the Definitions revise, update and expand upon the 1993 ISDA Commodity Derivatives Definitions, the 2000 Supplement to the 1993 Definitions and incorporates the 1997 ISDA Bullion Definitions.

Published June 30, 2005

2005 ISDA Commodity Definitions and User's Guide to the 2005 ISDA Commodity Definitions

Amendment Agreement and Letter Agreement for parties who agree to substitute references in a Schedule or Confirmation to the 1993 ISDA Commodity Derivatives Definitions, the 2000 ISDA Supplement and the 1997 ISDA Bullion Definitions with a reference to the 2005 ISDA Commodity Definitions

Published June 23, 2005

Amendment Agreement
Side Letter

Substantive Issues Working Group - Originally formed to draft the 2005 ISDA Commodity Definitions

Active working group

To join the working group, contact pwerner@isda.org or jschwab@isda.org


Coal

SUBJECT

STATUS

AVAILABLE DOCUMENTS

ISDA Global Physical Coal Annex (“ISDA Coal Annex”) for the purchase or sale of physical coal (sourced at origins in the US or outside the US) on a spot or forward basis, or for trading in options to purchase or sell physical coal.

Important Note for “International Coal”: For coal sourced at origins outside the United States (“International Coal”), the Standard Coal Trading Agreement published by globalCOAL® (“SCoTA®”) is incorporated by reference into Appendex 2 of the ISDA Coal Annex. globalCOAL Limited is the sole proprietor of any and all the intellectual property rights in, to, arising from and associated with each and all versions of the SCoTA. Express consent is required from globalCOAL Limited in order to make use of SCoTA in any manner, including the SCoTA terms incorporated by reference through Appendix 2 to the ISDA Coal Annex. Accordingly, if a party wishes to enter into transactions governed by Appendix 2 of the ISDA Coal Annex, before doing so it must accept and therefore enter into the globalCOAL Limited licensing scheme, which is available at <http://www.globalcoal.com/>

Published April 18, 2007

ISDA Global Physical Coal Annex; Press Release


Emissions - US

SUBJECT

STATUS

AVAILABLE DOCUMENTS

U.S. Emissions Allowance Transaction Annex and related Confirmation for the purchase, sale or exchange of an emissions product on a spot or forward basis, or as option to purchase, sell or exchange an emissions product

Published December 21, 2006


Emissions - Europe

SUBJECT

STATUS

AVAILABLE DOCUMENTS

EU Emissions Allowance Transaction Document: Version 2.5 and Version 4 (including options) modified for Phase 2 delivery. Published February 11, 2008
  1. Part [6] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions (Version 4) (incorporating options)
  2. Part [6] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions (Version 2.5)
EU Emissions Allowance Transaction Documents: Version 3 also adds Options and Forwards
Published September 26, 2006

  1. Part [6] to the Schedule (Version 3)
  2. Confirmation of OTC Physically Settled EU Emissions Allowance Option
  3. Confirmation of OTC Physically Settled EU Emissions Allowance Forward
Press Release (dated December 21, 2006)

EU Emissions Allowance Transaction Documents: Part [6] to the Schedule (Version 2)

Published March 28, 2006

Part [6] to the Schedule (Version 2)

EU Emissions Allowance Transaction Documents: Part [6] to the Schedule / form of Confirmation

Published June 2, 2005

Part [6] to the Schedule
Form of Confirmation

Long-form confirmation for OTC physically settled EU Emissions Allowance Transaction

Published July 7, 2004

Long-form Confirmation, Press Release


Gas - North America

SUBJECT

STATUS

AVAILABLE DOCUMENTS

ISDA North American Gas Annex and Canadian Addendum

Published November 23, 2004

North American Gas Annex, Canadian Addendum


Gas - Europe

SUBJECT

STATUS

AVAILABLE DOCUMENTS

European Gas Annex for physical trading (NBP and ZBT contracts) under the ISDA Master Agreement

Published May 31, 2005

European Gas Annex

European Gas Annex for physical trading (NBP and ZBT contracts) under the ISDA Master Agreement
(Note: This has been superseded by the version dated May 31, 2005)

Published March 17, 2003

Press Release, Gas Annex - 2002, Gas Annex - 1992


Power - North America

SUBJECT

STATUS

AVAILABLE DOCUMENTS

North American Power Annex

Published August 7, 2003

Press Release, Power Annex


Power - UK

SUBJECT

STATUS

AVAILABLE DOCUMENTS

GTMA Transactions Annex (fka UK Power Annex) for physical trading under the ISDA Master Agreement. (Drafted in consultation with FOA).

Published December 20, 2004

GTMA Transactions Annex


Weather

SUBJECT

STATUS

AVAILABLE DOCUMENTS

Weather Index Confirmations including a revised Weather Index Swap Confirmation

Published October 28, 2003

Press Release, OTC Weather Index Swap, OTC Weather Index Put Option/Floor, OTC Weather Index Call Option/Cap, Form of CPD Weather Index Appendix, Form of CDD Weather Index Appendix and Form of HDD Weather Appendix

Weather Index Swap Transaction Confirmation
(Note: This has been updated in  the version dated October 28, 2003)

Published April 28, 2003

Press Release, Confirmation, Definitions Appendix and Weather Index Appendix - HDD

Weather Derivatives Fallback Methodology Study for ISDA by Risk Management Solutions, Inc.
Tests of methods of estimating missing data from alternative station records. Daily maximum and minimum temperatures. By the Met Office for weatherXchange.

February 11, 2003

February 13, 2003

Risk Management Solutions, Inc and weatherXchange (Studies are the intellectual property of the report publishers and may not be shared without each of the publisher's permission)


Bridge Agreements

SUBJECT

STATUS

AVAILABLE DOCUMENTS

2002 Energy Agreement Bridge and Commentary

Published October 28, 2002

Press Release, Bridge, Commentary

2001 Cross-Agreement Bridge and Commentary

Published November 29, 2001

Bridge, Commentary


Best Practice Statements and Guidance Notes

SUBJECT

STATUS

AVAILABLE DOCUMENTS

The ISDA Statement of Current Practice addresses the treatment of Additional Trading Days on ICE Futures including Monday, May 28, 2007 and future trading days that have not been announced. Published May 2, 2007 ISDA Statement of Current Practice
US Exchange Closings on January 2, 2007 - Commodity Derivatives Published January 4, 2007 Supplemental Guidance

Best Practices Statement for Certain Energy Transactions for OTC derivatives transactions affected by the NYMEX's discontinuation of its New York Harbor Unleaded Gasoline ("HU") futures contract and ISDA's recommended replacement with the NYMEX's reformulated gasoline blendstock for oxygen blending futures contract ("RBOB")

Published May 12, 2006

Best Practices Statement for Certain Energy Transactions
and related
Supplement to Sub-Annex A to the 2005 ISDA Commodity Definitions 

Statement of current practice articulated by certain members engaged in OTC derivatives transactions involving Commodity Reference Prices that reference Brent blend crude oil and gas oil futures contracts on ICE Futures

Announced December 1, 2005

Statement of Current Practice for Certain Energy Products

ISDA Issues Best Practices Statement for Certain Energy Products

Issued March 25, 2003

Press Release

ISDA Best Practices Statement for Certain Energy Products

Announced September 14, 2001

Press Release

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Comment Letters; Papers; Amicus Briefs

Comment Letters - US
SUBJECT

STATUS

AVAILABLE DOCUMENTS

CFTC Request for Comments (June 21, 2006) regarding potential changes to the Commitments of Traders report
ISDA Comment Letter Submitted – August 21, 2006
ISDA Comment Letter on COT Report

ISDA submissions to the Federal Energy Regulatory Commission (FERC) on Market Manipulation

Filed December 28, 2005, December 5, 2005
and November 17, 2005

ISDA Supplement to Reply Comments
ISDA Files Reply Comments
ISDA files Submission with FERC on Market Manipulation

ISDA Letter of Intent to the National Association of Insurance Commissioners (NAIC)

Submitted January 6, 2004

ISDA Letter of Intent to the National Association of Insurance Commissioners

ISDA Comment Letter to the NAIC

Submitted February 25, 2004

ISDA Comment Letter on NAIC's draft white paper entitled, "Weather Financial Instruments (Temperature): Insurance or Capital Markets Products?".

Update on the NAIC's draft white paper on weather derivatives

March 24, 2004

Update, ISDA Comment Letter

ISDA applauds Senate decision on energy market amendment

November 5, 2003

ISDA Applauds Senate Decision on Energy Market Amendment

ISDA heads coalition opposing Feinstein/Lugar/Levin energy market amendment

Submitted November 04, 2003

ISDA Letter to The Honorable Bill Frist and the Honorable Tom Daschle

ISDA Opposition to Feinstein Energy Derivatives Amendment

Submitted April 8, 2002

Industry Letter, Legal Analysis


Comment Letters - UK / Europe

SUBJECT

STATUS

AVAILABLE DOCUMENTS

ISDA comments on DEFRA consultation on EU Emissions Trading Scheme regarding insolvency treatment of emissions allowances under English law

Published December 23, 2004

EU Emissions Trading Scheme Unit, UK Dept for Environment, Food and Rural Affairs (DEFRA)

ISDA Comment Letter to Teresa Poy on the FSA Regulatory Regime for Energy Market Participants

Submitted July 17, 2001

ISDA Comment Letter on the FSA Regulatory Regime for Energy Market Participants


Comments Letters - Canada

SUBJECT

STATUS

AVAILABLE DOCUMENTS

Final Draft of Ruling from: Office of the Superintendent of Financial Institutions Canada (OSFI) and cover letter

Submitted March 31, 2004

Final Draft OSFI Ruling on Physically-settled Commodity Transactions and cover letter


Papers

SUBJECT

STATUS

AVAILABLE DOCUMENTS

Joint Paper on the Concerns of the Commodity Industry re: EU Risk Based Capital Directive

April 08, 2004

The Risk Based Capital Directive - The Concerns of the Commodity Industry

Energy White paper - Restoring Confidence in US Energy Trading Markets

May 7, 2003

ISDA highlights efforts to restore confidence in energy trading markets

Presentation - The Emerging Ontario Electricity Market

Presented July 11, 2001

ISDA Transforming the Derivatives Business - presentation slides by Meg Timberg

U.S. Netting Legislation The Financial Contract Provisions -Title IX of the Bankruptcy Reform Act of 2001 (S. 420 and H.R. 333) - Allen & Overy Memo

Issued April 2, 2001

U.S. Netting Legislation Memo


Amicus Briefs
SUBJECT

STATUS

AVAILABLE DOCUMENTS

Amicus Brief - Commodity Futures Modernization Act (Cary Oil Co. v. MG Refining and Marketing)

Filed February 22, 2002

Memo on United States District Court Southern District of New York

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  Last Updated: February 11, 2008