ISDA®
INTERNATIONAL
SWAPS AND DERIVATIVES ASSOCIATION, INC
NEWS RELEASE
For Immediate Release Tuesday, September 18, 2007
For More Information, Please Contact:
Scott Marra, ISDA New York, 212-901-6013, smarra@isda.org
ISDA LAUNCHES THE ISDA EQUITY MCA PROTOCOL
The purpose of the Protocol is to allow market participants to agree to incorporate by reference, on a multilateral basis with other adhering counterparties, the terms of any one or all of the following Master Confirmation Agreements that ISDA has published:
The Equity Finance Swap (EFS) Annex to the 2007 European Master Equity Confirmation Agreement, published on Monday, September 17, is also included in ISDA’s Equity MCA Protocol. ISDA produced the EFS Annex in collaboration with the Managed Funds Association (MFA) and its membership with a common goal to improve operational efficiencies for key equity derivatives products by creating an industry standard set of terms for documenting these types of transactions.
The Protocol, a so-called ‘evergreen’ protocol that will remain open on a permanent basis, is open to ISDA members and non-members alike. The text of the Protocol and form of adherence letter, guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are all available at www.isda.org.
“As ISDA’s Master Confirmation Agreements covered by the ISDA Equity MCA Protocol are client-facing documents, these publications play a major role in reducing outstanding confirmations and thus meet the requirements of public policy makers” said Robert Pickel, ISDA CEO.
About ISDA
ISDA, which represents participants in the
privately negotiated derivatives industry, is among the world’s largest global
financial trade associations as measured by number of member firms. ISDA was
chartered in 1985, and today has approximately 820 member institutions from 55
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.
®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.