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ISLAMIC FINANCE
Tahawwut (Hedging) Master Agreement launched
On March 1, the official launch of the ISDA/International Islamic Finance Market Tahawwut Master Agreement was held in Manama, Bahrain under the auspices of the Governor of the Central Bank. The global ISDA/IIFM Tahawwut Master Agreement is a breakthrough in Islamic finance and risk management, and marks the introduction of the first globally standardized documentation for privately negotiated Islamic hedging products.... more

INDUSTRY COMMITMENTS
Infrastructure commitments detailed in letter to regulators
On March 1, ISDA along with market participants and other trade associations, submitted the sixth in a series of industry commitment letters to the relevant supervisors of the G14 dealers. The letter promotes a robust OTC derivatives risk management and market structure framewok, with further commitments in central clearing, transparency, standardization, operational efficiency targets and collateral.... more

ISDA RESEARCH
Close-out Netting: an ISDA Research Notes brief
Close-out netting following default is one of the key elements of risk management for OTC derivatives, allowing businesses, investors, and governments to manage their risks in a precise and safe manner. Recently, some have suggested a review of legal provisions that are essential to the enforceability of close-out netting in an insolvency proceeding, or the repeal of these protections altogether.... more