ISDA Operations Committee

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Useful Documents

Commodities
Interest Rate Derivatives
Credit Derivatives
Equity Derivatives
Settlement
Novation
Processing Standards and Strategy
Portfolio Reconciliation
Operations Benchmarking Survey

Commodities

Supervisory Letter

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
CMD Next Actions Memo	Published March 17, 2010	CMD Commitments Enhancement Summary	March 17, 2010
G14 CMD Supervisory Commitment Letter	Published December 7, 2009	CMD Supervisory Commitment Letter	December 7, 2009

ISDA Commodities Best Practices and Proposals

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Platts Best Practice Statement	Best Practices Statement for Certain OTC derivatives transactions affected by Platt's discontinuation of specific Gasoil and Fuel Oil quotes	Platts Best Practice Statement and the point-to-point differentials	December 18, 2009
ISDA Commodities Lifecycles Events Whitepaper	The Lifecycles Events Whitepaper provides an overview of the Operational Best Practices for Processing OTC Commodity Derivative Transactions	ISDA Commodities Lifecycles Events Whitepaper	December 17, 2009

Matrices

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
ISDA Commodities Documentation Matrix	This Matrix provides members with a summary of various Commodities documentation (both published and in draft form) by product and region	Index Matrix	July 30, 2010

Interest Rate Derivatives

Matrices

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Settlement Matrix for Early Termination for Cross-Currency Swaps	Matrix setting out the standard settlement currency for early termination for cross-currency swaps	Settlement Matrix for Early Termination for Cross-Currency Swaps	January 7, 2011 (effective January 10, 2011)
2006 ISDA Definitions MTM Matrix for Mark-to-market Currency Swaps	A matrix setting out standard terms for use when marking to market MTM swaps.	2006 ISDA Definitions MTM Matrix for Mark-to-market Currency Swaps	December 12, 2008 (effective January 1, 2009)
2006 ISDA Definitions Settlement Matrix for Early Termination and Swaptions (the "Settlement Matrix")	The versions of the Settlement Matrix with their period of applicability are available on the ISDA website. Propositions for change should be brought to the Operations Committee.	2006 ISDA Definitions Settlement Matrix for Early Termination and Swaptions - Link to Settlement Matrix versions	January 7, 2011 (effective January 10, 2011)

Best Practices and Memorandums

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Electronic Novation Consent	Note from the Rates Steering Committee	Electronic Novation Consent note	July 7, 2010
Drafting, Affirmation and Risk Mitigation	ISDA Best Practice Statement	Drafting, Affirmation and Risk Mitigation in connection with Interest Rate Products Transactions	February 10 , 2009
Compounding	Interest rate compounding conventions used in OTC derivatives transactions	Memo (February 5, 2009); Excel spreadsheet with examples	February 5, 2009
Adjustment of Termination Date	ISDA Best Practice Statement	Adjustment of Termination Date Note	October 31, 2008
CMS One Look Transactions	ISDA Best Practice Statement	CMS One Look Best Practice	September 3, 2008
Interest Rates Novation Pair-Offs	ISDA Best Practice Statement	Interest Rates Novation Pair-Offs	May 8, 2008 (Updated July 28, 2008)
Cash Settlement Payment Dates for early termination options	ISDA Best Practice Statement	Cash Settlement Payment Dates for early termination options	August 21, 2007 (updated February 8, 2008)
Adoption of 2006 ISDA Definitions	Advisory note relating to market moves to commence adoption of the 2006 Definitions for interest rate and currency derivative transactions from July 30th 2007.	2006 Definitions: Go-Live 30 July 2007	July 23, 2007
Rate Source Memo & Reference Chart	Memo on migration of rate sources from Telerate to Reuters and implications for the 2000 ISDA Definitions	Rate Source Memo & Reference Chart	August 22, 2006
Rate Source Matrix	ISDA Definitions-Rate Cross-Reference Chart	ISDA Definitions-Rate Cross-Reference Chart	May 18, 2004

Definitions Supplements

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Credit Derivatives

Matrices

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
CC Product Eligibilty Matrix	The Eligibility Matrix has been designed to help firms understand which products and transaction types will be eligible for Consent = Confirmation. The Matrix also outlines the core principles which need to be applicable for Consent = Confirmation. The Matrix has been split into 2 tabs: The first tab includes all electronically eligible transaction types, the second includes all transaction types that are not electronically eligible.	Product Eligibilty Matrix	April 25, 2011
Credit Derivatives Physical Settlement Matrix, 2005 Matrix Supplement and Confirmation to the 2003 ISDA Credit Derivatives Definitions.	Link to the Credit Derivatives Physical Settlement Matrix, 2005 Matrix Supplement, Confirmation and Commentary to the 2003 ISDA Credit Derivatives Definitions.	Link to Credit Derivatives Physical Settlement Matrix 2005 Matrix Supplement Confirmation Commentary	March 16, 2011
Swaption Matrix for CDS Swaption Transactions	The ISDA Swaption Matrix is intended for use with the Single Name CDS Swaption Standard Terms Supplement and Credit Default Swaption Confirmation. It facilitates the documentation of CDS swaption transactions by providing standard elections for CDS swaptions referencing various types of Reference Entity. It is anticipated that this document will be updated from time to time with the latest trading standards as contemplated by the Credit Default Swaption Confirmation.	ISDA Swaption Matrix	June 30, 2008

Best Practices and Memorandums

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Documentation updates to incorporate the July 2009 Supplement - Small Bang Protocol Provisions: Frequently Asked Questions (FAQ)	Frequently asked questions to assist in consideration of the CDS documentation updates to reflect the changes made by the Small Bang Protocol for CDS Transactions entered into on or after February 1, 2011.	Documentation updates to incorporate the July 2009 Supplement-Small Bang Protocol Provisions (FAQ)	March 4, 2011
Small Bang Protocol: Archive of previous Operational Material	These documents set forth the Tactical operational proposals which were previously implemented for processing various transactions under the Small Bang Protocol. These processes are no longer considered current.	Archive of previous Small Bang Operational Material	December 2, 2010
Credit Novation Consent Equals Confirmation: Operational Best Practice Materials	Presentation explaining the market practice changes to the Credit Novation Consent process. The two step practice of consent followed by confirmation is being replaced by an automated single step process for parties to provide their consent and their legal confirmation to a Novation simultaneously. Recordings of the new Credit Novation Consent Equals Confirmation Operational Best Practice Calls & FAQ.	Consent Equals Confirmation: Market Call Presentation Credit Novation Consent Equals Confirmation Best Practice Call Recording and Transcript - August 13, 2010 Credit Novation Consent Equals Confirmation Best Practice Call Recording and Transcript - August 13, 2010	October 8, 2010
Monoline Insurer Reference Entities	The purpose of this list is to gather and disseminate information as to the reference entity names that market participants believe to be monoline insurers which may be referenced as such in a standard credit default swap. ISDA members have advised that it is current market practice to refer to Schedule 2 to the Monoline Supplement Agreement published by ISDA on Feb 29, 2008, when attempting to identifying monoline reference entities. As Schedule 2 is a stagnant list, ISDA members have suggested that it would be helpful to prepare and publicize a revised list of names in order to provide market participants with an ongoing source for identifying former and current monoline reference entities.	Monoline Insurer Reference Entities Document	August 31, 2010
August 2010 Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions	These additional provisions were prepared to facilitate the launch of the Consent = Confirmation project for Credit Derivatives Transactions. They are designed for incorporation into the documentation governing use of a Novation Consent Platform to set out the legal effect of a novation consent request processed through that platform. It is intended to apply to users of the relevant platform via the users' agreement to be governed by the platform's rules, and to ensure that consistent legal provisions apply to novation consent requests processed through different platforms.	August 2010 Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions	August 25, 2010
Strategic Restructuring: ISDA Operational Best Practices Call	Recordings of the ISDA Operational Best Practices Call for Strategic Restructuring.	Recording of the ISDA Operational Best Practices Call for Strategic Restructuring - June 30, 2010 Recording of the ISDA Operational Best Practices Call for Strategic Restructuring - June 30, 2010	August 24, 2010
Standardized Credit Products: Frequently Asked Questions (FAQ)	These Frequently Asked Questions (FAQ) explain the derivatives industry's standards in regard to operational processing for standardized credit derivative transactions.	Frequently Asked Questions on Credit Derivative Initiatives	June 16, 2010
Electronic Credit Derivative Commitment Document	The ECDC document sets forth the Credit Derivative operational commitment for processing all transactions electronically	Electronic Credit Commitment	July 31, 2009
Called Subordinated Notice	This Best Practice language indicates firms' intention that trades confirmed inclusive of a Subordinated Reference Obligation that was matured or called as of the Trade Date is a trade with the Subordination of the Reference Obligation as of the date on which it was redeemed.	Called Subordinated Notice	February 23, 2009
Best Practices on Reference Obligation amendments for Succession Events	The Best Practice recommendation is meant to be utilized for Succession Event processing	Best Practices on Reference Obligation amendments for Succession Events	February 10, 2009
Internal Novation Notice and Best Practice Workflows	The Internal Novation Notice and Best Practice Workflows are meant to be utilized for Internal Novation processing	Internal Novations Notice and Best Practice Workflows	February 9, 2009
Industry Novation Fact Sheet and Novation Interoperability Workflow	The Industry Novation Fact Sheet and Novation Interoperability Workflow are intended to highlight existing electronic solutions for novation processing	Industry Novation Fact Sheet and Novation Interoperability Workflow now available	July 21, 2008
Deemed Trade – called and matured bond Best Practices	ISDA best practice statement	Deemed Trade-called and matured bond Best Practices	May 6, 2008
LCDX Best Practices for Credit Events, Secured List Early Termination Events and Novations	LCDX Best Practices for Credit Events	LCDX Best Practices for Credit Events, Secured List Early Termination Events and Novations	January 25, 2008
Best practice standard elections for European LCDS	ISDA best practice statement	Standard Elections for European LCDS	September 27, 2007
LPN Procedure Document	Procedure Document	LPN Procedure Document	June 4, 2007

Equity Derivatives

Matrices

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Electronic Eligibility Matrix	The Electronic Eligibility Matrix identifies products that are electronically eligible and therefore eligible for the industry electronic processing targets. The matrix is maintained by the EIG and will be published on a quarterly basis.	Electronic Eligibility Matrix v 5.0 Electronic Eligibility Matrix v 4.0 Electronic Eligibility Matrix v 3.0 Electronic Eligibility Matrix v 2.0 Electronic Eligibility Matrix v 1.0	December 1, 2010
Index Matrix	The index matrix is maintained by the ISDA Equity Operations Working Group and summarizes best practice as agreed by firms represented on the call.	Index Matrix version 2.0	July 29, 2009
Index Matrix	The index matrix is maintained by the ISDA Equity Operations Working Group and summarizes key confirmation fields for the indices listed	Index Matrix version 1.0	May 27, 2008
ISDA Equity Derivatives Documentation Matrix	This Matrix provides members with a summary of ISDA equity documentation (both published and in draft form) by product and region	ISDA Equity Derivatives Documentation Matrix	March 31, 2009
ISDA AEJ Reference Price Source Matrix	If parties have executed the Amendment to 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement or the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement, and if the Reference Price of the Transaction is listed in the 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.	ISDA AEJ Reference Price Source Matrix	November 29, 2006

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Settlement

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Settlements Best Practice	ISDA Best Practice Statement	OTC Derivative Settlements Best Practices	October 26, 2010
Interest Compensation Claims Best Practice	ISDA Best Practice Statement	Claims Best Practice Statement	October 26, 2010
Standard Settlement Instructions Best Practice Requirements Document	Requirements best practice document for standard settlement instructions – cross-asset class focus	Standard Settlement Instructions Best Practice Requirements Document	August 11, 2010
Settlement Best Practice	ISDA Best Practice Statement	Settlement Best Practice	June 6, 2007
Settlement Standards	ISDA Best Practice Statement	CD Settlement Standards	May 5, 2006
Cashflow Matching, Netting and Settlement	High Level Requirements and Guidelines for Strategic Processing Standards	Cashflow Matching, Netting and Settlement	November 16, 2004
ISDA Statement on Account Details in Confirmations	Describes counterparty obligations with regard to inclusion of account details in confirmations	Link to Statement	September 1, 2004
Standard Settlement Instructions	ISDA Best Practice Statement	ISDA Best Practice Statement: Standard Settlement Instructions	July 29, 2004
Interest Compensation Claims	ISDA Best Practice Statement	ISDA Best Practice Statement: Interest Compensation	February 12, 2004
Rate Reset	Rate Reset and payment advise notice Elimination Letter	Rate Reset Elimination Letter	January 17, 2003

Novations

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Industry Novation Fact Sheet and Novation Interoperability Workflow	The Industry Novation Fact Sheet and Novation Interoperability Workflow are intended to highlight existing electronic solutions for novation processing	Industry Novation Fact Sheet and Novation Interoperability Workflow now available	July 21, 2008
Interest Rates Novation Pair-Offs	ISDA Best Practice Statement	Interest Rates Novation Pair-Offs	May 8, 2008
Novation Agreement, User's Guide & Best Practice Statement	The 2004 ISDA Novation Definitions are intended to facilitate the documentation of the novation of transactions under the ISDA Master Agreement.	2004 ISDA Novation Definitions User's Guide & Best Practice Statement	May 4, 2004
ISDA Statement on Consent Requirement for Transfer of Transactions	ISDA Statement on Consent Requirement for Transfer of Transactions	Statement on Consent Requirement for Transfer of Transactions	April 3, 2003
Novation Agreement	Novation Agreement and User's Guide Published on May 30, 2002.	Agreement (word document) User's Guide	May 30, 2002

Portfolio Reconciliation

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
Portfolio Reconciliation	ISDA Best Practice Statement	Recommended Practices for Portfolio Reconciliation	February 14, 2006

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Processing Standards and Strategy

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE
ISDA Industry Operational Commitments Update Call	Audio Recording of the session held on 22 September 2009	Audio Recording	September 23, 2009
Service Providers Derivatives Roundtable – Live event in London – August 13, 2008	Audio Recording of live session held in London on August 13, 2008	Agenda Audio recording	August 13, 2008
Credit Derivatives Processing Standards: Frequently Asked Questions	Provides answers to Frequently Asked Questions in regard to Credit Derivatives Processing	Credit Derivatives Processing Standards: Frequently Asked Questions	July 24, 2008
Operations Industry Commitments – Live event in New York – June 5, 2008	Audio Recording of live session held in New York on June 5, 2008 - Co-sponsored by ISDA, MFA and SIFMA AMG	Agenda Audio recording	June 5, 2008
Operations Industry Commitments – Industry call – May 12, 2008	Audio Recording of Industry Call held on May 12, 2008 - Co-sponsored by ISDA, MFA and SIFMA AMG	Audio recording	May 12, 2008
Credit Derivatives Operations – 2008 Industry Commitments	Summary of industry commitments following letter to the Federal Reserve Bank of New York dated March 27, 2008	Summary of 2008 Industry Commitments	May 9, 2008
Rethinking Operations: The Changing Landscape	Presentations from ISDA’s AGM in Vienna	Presentation 1 Presentation 2	April 15, 2008
Prioritising among outstanding confirmation or payment breaks	Market Discussion	Market Discussion on Prioritisation	June 28, 2005
Barcoding of documents	Market Discussion	Market Discussion on barcoding	December 15, 2004
Implementation Paper	Moving Forward: An Implementation Plan	Implementation Paper	March 31, 2004
Strategy Paper	Going Forward: A Strategic Plan	Strategy Paper	December 10, 2003
Telephone Confirming Trade Details	ISDA Best Practice Statement	ISDA Best Practice Statement: Telephone Confirming Trade Details	October 28, 2003
Documenting Exercise of Option Transactions	ISDA Best Practice Statement	ISDA Best Practice Statement: Documenting Exercise of Option Transactions	October 28, 2003
Reference Banks	Determination of Cash Settlement Reference Banks under ISDA-documented transactions	Letter to brokers	June 17, 2002
N2 Working Group	ISDA has responded to each of a series of Consultative Papers from FSA. In response to CP141, it highlighted the wholesale nature of the OTC derivatives markets and the need for the rules to reflect that. ISDA's response to CP151 welcomes more targeted rules regarding "packaged" securities.	i) Response to CP141 - cover letter; ii) briefing note on wholesale nature of OTC derivatives markets. iii) Response to CP151	September 20, 2002 November 22, 2002
Valuation and settlement of Legacy transactions	A problem arises when valuation and settlement of legacy transactions (pre EURO) fall to be carried out on days that may be good business days in the legacy currency center, but are days on which TARGET is closed.	ISDA memorandum on Valuation and Settlement of Legacy Transactions a copy of the ECB Press Release detailing the long term TARGET holiday calendar	April 2, 2001 December 14, 2000

Operations Benchmarking Survey

SUBJECT	STATUS - DESCRIPTION	AVAILABLE DOCUMENTS	DATE POSTED
2010 Operations Benchmarking Survey	The final results of the 2010 Survey are now available.	Link to 2010 Operations Benchmarking Survey	April 23, 2010
2009 Operations Benchmarking Survey	The final results of the 2009 Survey are now available.	Link to 2009 Operations Benchmarking Survey	April 23, 2009
2008 Operations Benchmarking Survey	The final results of the 2008 Survey are now available.	Link to 2008 Operations Benchmarking Survey	June 2, 2008
2007 Operations Benchmarking Survey	The final results of the 2007 Survey are now available.	Link to 2007 Operations Benchmarking Survey	June 26, 2007
2006 Operations Benchmarking Survey	Completed	Link to 2006 Operations Benchmarking Survey	May 26, 2006
2005 Operations Benchmarking Survey and FpML Use Survey	Completed	Link to 2005 Operations Benchmarking Survey and FpML Use Survey Link to the Press Release	June 1, 2005
2004 Operations Benchmarking Survey	Completed	Link to 2004 Operations Benchmarking Survey Link to the Press Release	June 10, 2004
2003 Operations Benchmarking Survey	Completed	Link to 2003 Operations Benchmarking Survey Link to the Press Release	August 1, 2003
2002 Operations Benchmarking Survey	Completed	Link to 2002 Operations Benchmarking Survey Link to the Press Release	July 09, 2002
2001 Operations Benchmarking Survey	Completed	Link to 2001 Operations Benchmarking Survey Link to the Press Release	July 25, 2001
2000 Operations Benchmarking Survey	Completed	Link to 2000 Operations Benchmarking Survey Link to the Press Release	October 31, 2000

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