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

  • Europe Chair: Onno Vriesman (Deutsche Bank)
  • Japan Co-Chair: Hidetaka Hara (Nomura Securities) (See Japan Committee)
  • North America Chair: Glen Rae (Bank of America Securities)
  • Global Staff Contact: Katherine Tew Darras (kdarras@isda.org)

How to Join

ISDA Definitions, User’s Guides and Related Confirmation Templates
SUBJECT
STATUS
AVAILABLE DOCUMENTS
2002 ISDA Equity Derivatives Definitions which update the 1996 Definitions, adding terms for forwards, Bermuda options and barrier (knock-in and knock-out) instruments

Published - January 8, 2003

2002 ISDA Equity Derivative Definitions


User's Guide which assists in the understanding and use of the 2002 Equity Derivatives Definitions and forms of confirmation
Published - September 2003 User’s Guide to the 2002 ISDA Equity Derivative Definitions
Eighteen forms of Confirmations for use with 2002 ISDA Equity Derivatives Definitions Published - January 2003
Confirmations for use with the 2002 ISDA Equity Derivatives Definitions
2006 ISDA Fund Derivatives Definitions Published - March 15, 2006 2006 ISDA Fund Derivatives Definitions
French Translation of the 2002 ISDA Equity Derivatives Definitions (for educational purposes only) Published French Translation of the 2002 ISDA Equity Derivatives Definitions

BRIC40 Index Template - This long form confirmation is for use with index option transactions which reference S&P BRIC40 Index.

Published

BRIC 40 Index Template

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ISDA Master Confirmation Templates (by region)

Americas
SUBJECT
STATUS
AVAILABLE DOCUMENTS
ISDA Equity Derivatives Documentation Matrix
Published - July 22, 2009
ISDA Equity Derivatives Documentation Matrix
2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement - Index Options, Index Swaps and Index Basket Swaps, Share Options, Share Swaps, Share Basket Swaps on U.S. underliers

Published - March 29, 2004

2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement


Explanatory note to the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement
Published - March 29, 2004 Explanatory note
Canadian Supplement to the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement - for transactions on Canadian underliers Published - March 29, 2004
March 2004 Canadian Supplement to the Master Confirmation
Variance Swap Templates to the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement - Index and Share Variance Swaps Revised version, Published January 30, 2007. Index and Share Variance Swap Annexes
Stand-alone 2007 Americas Master Variance Swap Confirmation Agreement - Index and Share Variance Swaps - for hedge funds Published - January 30, 2007. 2007 Americas Master Variance Swap Confirmation Agreement


Asia (ex-Japan)
SUBJECT
STATUS
AVAILABLE DOCUMENTS
Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement - The Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement incorporates Annex CMISO in addition to Annexes previously published. The Confirmation Agreement contains the following annexes: the Multiple Exchange Index Annex; Annex CMISO, which documents to document index and share Option Transactions referencing closed markets; the Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options; and the Open Market Annex OMEFS, which documents cash-settled equity finance share swaps. Open market annexes reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore; Closed market annexes reference underlying shares or indices in India, Indonesia, Korea, Malaysia, Taiwan and Thailand. Published October 7, 2009 Note: This supersedes version dated March 9, 2009 Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement
AEJ Cash Settled Closed Markets Index Share Options Annex - The purpose of this Closed Market Option General Terms Confirmation (this “CMISO General Terms Confirmation”) is to document index and share Option Transactions referencing closed-markets entered into between counterparties under the Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement. Published October 7, 2009 AEJ Cash Settled Closed Markets Index Share Options Annex

2009 Pan-Asia Interdealer Master Equity Derivatives Confirmation Agreement - The 2009 Pan-Asia Interdealer Master Equity Derivatives Confirmation Agreement includes Annex PAISS which documents Pan-Asia Interdealer Share Swaps in the countries specified and otherwise as agreed by the parties.

Published September 11, 2009 2009 Pan-Asia Interdealer Master Equity Derivatives Confirmation Agreement (Annex PAISS) and (Confirmation)

Revised ISDA AEJ Reference Price Source Matrix - If parties have executed the Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement or the Revised 2007 AEJ Master Variance Swap Confirmation Agreement or the Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement (or any previous versions thereof), and if the Reference Price of the Transaction is listed in the Revised ISDA AEJ Reference Price Source Matrix as of the Trade Date, then the Reference Price Source contained therein with respect to such Reference Price currency shall be deemed to apply to the Transaction.

Published June 25, 2009  Note: This supersedes version dated November 29, 2006 Market Practice Statement regarding Change in TWD Fixing Time in the ISDA AEJ Reference Price Source Matrix (Matrix) and (Statement)

Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement - The Second Revised 2005 AEJ (Asia Excluding Japan) Interdealer Master Equity Derivatives Confirmation Agreement incorporates the amendments that were made to the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement is designed to document Index Option, Index Swap, Share Option and Share Swap Transactions with respect to underlying shares or indices in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand in the interdealer market.

Published March 9, 2009 Note: This supersedes version dated March 13, 2007 Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement

Revised 2007 AEJ Master Variance Swap Confirmation Agreement - The Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the amendments that were made to the 2007 AEJ Master Variance Swap Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009.  The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan, Thailand and Vietnam.

Published March 9, 2009 Note: This supersedes version dated February 12, 2007 Revised 2007 AEJ Master Variance Swap Confirmation Agreement

Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement - The Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement incorporates the amendments that were made to the 2008 AEJ Master Equity Derivatives Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009.  The Confirmation Agreement contains the following annexes: the Multiple Exchange Index Annex, the Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options, and the Open Market Annex OMEFS, which documents cash-settled equity finance share swaps. All of the annexes to this agreement reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore.

Published March 9, 2009 Note: This supersedes version dated August 22, 2008 Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement
2007 AEJ Master Variance Swap Confirmation Agreement - The 2007 AEJ Master Variance Swap Confirmation Agreement documents index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand. Published - February 12, 2007 2007 AEJ Master Variance Swap Confirmation Agreement
Amendment to the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement - The Amendment will enable parties who have executed the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement to amend Annex IO (Index Option) and SO (Share Option) of their existing 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by inserting the date of the amendment on Exhibit I. (published March 13, 2007 Note: This supercedes version dated November 29, 2006) Amendment to the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement
Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement - The Confirmation Agreement is designed to document Index Option and Share Option Transactions with respect to underlying shares or indices in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand in the interdealer market. (published March 13, 2007 Note: This supercedes version dated November 29, 2006) Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement
2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement - Index Options, Index Swaps, Share Options, Share Swaps on Australian, Hong Kong, Indian, Indonesian, Korean, Malaysian, New Zealand, Singapore, Taiwan and Thailand underliers (Note: This has been superseded by the version dated November 29, 2006)
Published - September 13, 2005
2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement
2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement - Index Options, Index Swaps, Share Options, Share Swaps (Note: This has been superseded by the version dated September 13, 2005)

Published - June 13, 2005

2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement


Additional Provisions for Use with Indian Underliers in conjunction with the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement
Published - June 6, 2005 Additional Provisions for Use with Indian Underliers
Memo from Allen & Overy regarding use of Joint Calculation Agents in the 2005 AEJ (Asia Excluding Japan) Interdealer Master Equity Derivatives Confirmation Agreement Published
Memo regarding AEJ Master Equity Derivatives Confirmation - Joint Calculation Agents.
(For Members Only)

EMEA
SUBJECT
STATUS
AVAILABLE DOCUMENTS

The 2010 EMEA EM Interdealer Master Equity Confirmation Agreement includes Annex ISEMO.  Annex ISEMO documents equity cash-settled index options and cash/physically-settled share option transactions with respect to an underlying index or share in Czech Republic, Egypt, Greece, Hungary, Israel, Kuwait, Poland, Qatar, Russia, South Africa, Turkey, the United Arab Emirates and any other country otherwise agreed between the parties

Published November 23, 2010

2010 EMEA EM Interdealer Master Equity Derivatives Confirmation Agreement


Japan

SUBJECT
STATUS
AVAILABLE DOCUMENTS
Revised 2008 Japanese Dividend Swap Master Confirmation Agreement - The Revised 2008 Japanese Dividend Swap Master Confirmation Agreement (Annex IDS) is designed to document index dividend swap transactions based on a Japanese index. Published January 19, 2010 (Note: This supersedes version dated May 16, 2008)

Revised 2008 Japanese Dividend Swap Master Confirmation Agreement
Amendment to the 2008 Japanese Dividend Swap Master Confirmation Agreement

2006 Japan Master Variance Swap Confirmation Agreement - The 2006 Japan Master Variance Swap Confirmation Agreement documents index and share variance swap transactions with respect to a Japanese index or share. Other than with regard to designation of the Calculation Agent, it is identical in terms to the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement. Published - January 22, 2007 2006 Japan Master Variance Swap Confirmation Agreement
Share Variance Swap Confirmation - The Share Variance Swap Confirmation, to be used in conjunction with the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement expands product coverage under the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement to share variance swaps. Published - December 21, 2006 Share Variance Swap Confirmation
2006 Japan Interdealer Master Variance Swap Confirmation Agreement - The 2006 Japan Interdealer Master Variance Swap Confirmation Agreement is designed to document index and share variance swap transactions with respect to a Japanese index or share. Annex IVS published June 30, 2006, Annex SVS published December 21, 2006 2006 Japan Interdealer Master Variance Swap Confirmation Agreement
2005 Japanese Interdealer Master Equity Derivatives Confirmation Agreement - Cash-settled Index Options, Physically-settled Share Options

Revised - April, 2007

2005 Japanese Interdealer Master Equity Derivatives Confirmation Agreement
2006 Japan Master Variance Swap Confirmation Agreement - Index Variance Swaps
Published - June 30, 2006 2006 Japan Master Variance Swap Confirmation Agreement
Confirmations for use with the 2002 ISDA Equity Derivatives Definitions - Cash-settled Index Options and Physically-settled Share Options on Japanese Shares for the Japanese Inter-Dealer Market
Published
Japanese Inter-Dealer Market Templates


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ISDA Comment Letters (by region); Policy Statements; Amicus Briefs

Comment Letters - US
SUBJECT
STATUS
AVAILABLE DOCUMENTS
ISDA letter in support of the work done by the World Federation of Exchanges and International Options Markets Association re: adjustments of exchange-traded derivatives following corporate actions

Submitted - June 1, 2006;

CBOE acknowledgement received - June 6, 2006

ISDA Letter

CBOE acknowledgement
ISDA urges the Senate Finance Committee and House Ways and Means Committee to preserve current law "qualified covered call" (QCC) treatment for OTC options. Submitted - May 19, 2004 ISDA Letter to Charles Grassley, Chairman, Senate Finance Committee and Max Baucus, Ranking Member, Senate Finance Committee - S. 1637 (Qualified Covered Calls)

ISDA Letter to Bill Thomas, Chairman, Ways and Means Committee and Charles Rangel, Ranking Member, Ways and Means Committee - S. 1637 (Qualified Covered Calls)

Memo on Qualified Covered Calls
ISDA sent a letter to certain securities exchanges highlighting changes in the 2002 ISDA Equity Derivatives Definitions from the 1996 Definitions Sent - January 2003 Form of letter template
ISDA commented on 2 exposure drafts in connection with FASB’s Liabilities and Equity Project Submitted to the FASB - April 30, 2001 ISDA Letter to Timothy Lucas, Director of Research and Technical Activities, FASB


Comment Letters - UK
SUBJECT
STATUS
AVAILABLE DOCUMENTS
UK Takeover Panel Consultation on derivatives disclosure. Comment Letter submitted on 2005/3 (Control Issues) and 2005/4 (SARs) -  January 27, 2006 ISDA Comment Letter to the UK Takeover Panel (PCP 2005/3 and 2005/4)
Public Consultation Paper issued by the Code Committee of the Panel on Dealings in Derivatives and Options (PCP 2005/2) Submitted - June 24, 2005 ISDA Comment Letter to the UK Takeover Panel (PCP 2005/2)
UK Takeover Panel Consultation Paper: Dealings in Derivatives and Options: Outline Proposals Relating to Amendments Proposed to be Made to the Takeover Code and the SARS Submitted - February 28, 2005 ISDA Comment Letter to the UK Takeover Panel (PCP 2005/1)
ISDA's representations to Inland Revenue on Proposed New Approach to the Taxation of Derivatives Based on Property and Share Values Submitted - February 10, 2004 Letter to Kunle Ogundele, Business Tax, Inland Revenue
ISDA responded to a UK Financial Services Authority Discussion Paper (DP17) on short selling Submitted - January 29, 2003 ISDA Letter to Margot Marshall, Markets and Exchanges Division, FSA


Comment Letters - Non-US / UK
SUBJECT
STATUS
AVAILABLE DOCUMENTS
ISDA commented on the Proposal of the Fourth Financial Market Enhancement Act - temporary ban of short selling Submitted to the Bundestag March 26, 2002 ISDA Letter to Christine Scheel, Chairperson of the Finance Committee at the German Bundestag


Policy Statements
SUBJECT
STATUS
AVAILABLE DOCUMENTS
Guidance for parties to over-the-counter derivative transactions that are affected by the closing of U.S. exchanges on Tuesday, January 2, 2007 Guidance dated December, 29, 2006 Memo on Guidance
ISDA Statement Regarding Equity Derivatives Transactions Released September 17, 2001 ISDA Statement Regarding Equity Derivative Transactions


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Miscellaneous Equity Derivatives Committee Information
SUBJECT
STATUS
AVAILABLE DOCUMENTS
Equity Derivatives Market Practice Issues Completed
Equity Derivatives Market Practice Issues
The New Zealand Court of Appeal overturned the March 14, 2003 decision of the High Court in Ithaca (Custodians) Limited v. Perry Corporation, recognizing market reality. The High Court had ordered the forfeiture of 12 million shares in Rubicon Limited owned by Perry Corporation. ISDA notified Equity Committee - November 4, 2003 N/A
Update - New Zealand's Privy Council refused to hear a final appeal against the November 4, 2003 Court of Appeal decision. The Government has confirmed its intent to change the law with respect to the application of the substantial security holder disclosure regime to equity swaps, the legal issue at the basis of the dispute ISDA notified Equity Committee - March 15, 2004 N/A
SEC Interpretive Letter on Equity Derivatives covering a dealer's hedging in the U.S. markets to forward and option-based derivatives with an issuer on its own shares. ISDA notified the Equity Committee - October 16, 2003 N/A

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   Last Updated: November 23, 2010