For Immediate Release Thursday, June 30, 2005
For More Information Contact:
ISDA Publishes 2005 Commodity Definitions
The Definitions
substantially update and expand upon the 1993 ISDA Commodity Derivatives
Definitions and 2000 Supplement to the 1993 Definitions with significant
additions across a range of commodity derivative products, including the
incorporation of the 1997 ISDA Bullion Definitions. New commodities covered by
the Definitions include wet and dry freight, coal and a wide range of
agricultural products. The Definitions also cover for the first time knock-in
and knock-out options. All material from the 1993 Definitions, the 2000
Supplement and the 1997 Bullion Definitions has been reviewed and updated in
light of the continuing evolution of ISDA terminology.
An Annex to the Definitions
contains an expanded and revised body of Commodity Reference Prices as well as
additional definitions and relevant forms of confirmation applicable,
specifically to bullion, weather index derivatives, North American and European
natural gas, North American and
“The
Commodities markets have grown significantly over the last few years in terms
of type, nature and volume of products traded. Therefore the publication of
these new Definitions could not be more timely and will certainly be welcomed
by a wide range of market participants in the various OTC Commodities markets,”
said
“The definitions are the
culmination of the Association’s global efforts across the spectrum of
commodity trading activity,” said
The Definitions and User’s
Guide are available at ISDA’s web site: www.isda.org
About ISDA
ISDA is the global trade association representing leading participants in the privately
negotiated derivatives industry. ISDA was chartered in 1985, and today has more
than 625 member institutions from 46 countries on six continents. These members
include most of the world's major institutions that deal in privately
negotiated derivatives, as well as many of the businesses, governmental
entities and other end users that rely on over-the-counter derivatives to
manage efficiently the financial market risks inherent in their core economic
activities. Information about ISDA and its activities is available on the
Association's web site: www.isda.org
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