Return to ISDA home
Login for Membership Discount Price

View/Edit Your Details


ISDA® Bookstore
FX and Currency Option Definitions, Annex, Supplements and User's Guide

1998 FX and Currency Option Definitions

Click here for TOC
Click here to Read Introduction

Member Price: $175.00
Non-Member Price: $350.00
Learn About Membership

User's Guide to the 1998 FX and Currency Option Definitions

Click here for TOC
Click here to Read Introduction

Member Price: $90.00
Non-Member Price: $180.00
Learn About Membership

Revised ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix
(published on September 8, 2016) Note: This supersedes the version dated January 28, 2014

The revised Fallback Matrix reflects the change in publication time of the TMA USD/CNY (HK) Spot Rate.

Free Download
Click here to view/download Word (format) - Revised ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix


Guide to ISDA and EMTA FX Derivatives Documentation and Currency Provisions (June 10, 2015)

This Guide to ISDA and EMTA FX Derivatives Documentation and Currency Provisions (the "Guide") is intended to inform market participants of the various publications by ISDA and EMTA relating to FX and currency derivatives documentation and where to find such publications on the ISDA and EMTA websites. ISDA and EMTA may continue to update the Guide in the future to include additional publications and provisions.

Free Download
Click here to view/download PDF (format)


2014 Multilateral Amendment Agreement for IDR Non-Deliverable FX and Currency Option Transactions, Non-Deliverable Swap Transactions and Certain Other Transactions
Open from March 4, 2014 to 5:00 p.m. Singapore time on March 25, 2014

SFEMC, ISDA and EMTA are extending the Submission Deadline.  Please return the entire IDR-MAA (and not just the signature page) via email (scanned copy) to idramend@cliffordchance.com by 12 noon Singapore time on Wednesday March 26, 2014. The original hard copy can reach Clifford Chance Pte Ltd (12 Marina Boulevard, 25th Floor, Tower 3, Marina Bay Financial Centre, Singapore 018982 for the attention of: Paul Landless) after March 26. Please note that this will be the absolute latest time that submissions will be accepted as the list of adherents must be finalized and circulated on Wednesday to enable adhering banks to do the needful.

ABS Benchmarks Administration Co Pte. Ltd. (ABS Co), in consultation with the Singapore Foreign Exchange Market Committee (SFEMC) had announced on February 18, 2014 that it will discontinue the USD/IDR spot rate benchmark (denoted as "IDR VWAP" or "IDR03" in the 1998 FX and Currency Option Definitions) with the last day of publication being March 27, 2014. It has been decided that the above benchmark is no longer necessary given the development of an onshore USD/IDR spot rate benchmark. The onshore USD/IDR spot rate benchmark is reported by Bank Indonesia and published on its website and will be denoted as "IDR JISDOR" or "IDR04" in the 1998 FX and Currency Option Definitions.

IDR VWAP (IDR03) (which is a benchmark based on a "traded" methodology) commenced on August 6, 2013 and the SFEMC had recommended in June 2013 that market participants reference IDR VWAP (IDR03) instead of "IDR ABS" or "IDR01" (which was a benchmark based on a "surveyed" methodology) which was discontinued on August 5, 2013. As IDR JISDOR (IDR04) had only been launched in May 2013, the SFEMC had thought it premature back in June 2013 to recommend a move to IDR JISDOR (IDR04). The SFEMC has now recommended that IDR JISDOR (IDR04) be applied to NDF and other relevant contracts referencing IDR that may be entered into on or after March 28, 2014. The SFEMC has also recommended that parties mutually agree to amend their existing NDF and other relevant contracts referencing IDR VWAP (IDR03) that will remain outstanding on March 28, 2014 to reference IDR JISDOR (IDR04).

For further information, please refer to the ABS Co and SFEMC press release, SFEMC statement and related materials.

Click here for ABS Co and SFEMC press release.

Click here for SFEMC statement.

Click here for SFEMC Explanatory Note.

This Multilateral Amendment Agreement (IDR-MAA) has been published to assist parties wishing to make the amendments referred to above. The IDR-MAA is open to ISDA members and non-members. You need not pay any fee to sign up to the IDR-MAA. Please note that you must sign up to the IDR-MAA no later than 5:00 p.m. Singapore time on March 25, 2014. ISDA and EMTA will publish on their websites the list of parties who have signed up to the IDR-MAA but for 'Member Only' access. The list will also be circulated to all parties who have signed up to the IDR-MAA. Please refer to the "Instructions to Signing" attached to the IDR-MAA for more details.

Free Download
Click here to view/download PDF (format) - IDR-MAA
Click here to view/download word (format) - IDR-MAA signature page

For parties that may wish to effect the amendments bilaterally instead of signing up to the IDR-MAA, a bilateral form of the IDR-MAA has also been published.

Free Download
Click here to view/download Word (format) - Bilateral form of IDR-MAA

For banks that may wish to notify their wholesale customers of the change and the transitioning arrangements, a suggested form of information letter to their wholesale customers has been published.

Free Download
Click here to view/download Word (format) - ISDA's Suggested Form of Post-Publication Letter to Wholesale Customers on the USD/IDR Spot Rate Benchmark Change.

The full list of institutions who have signed up to the IDR-MAA can be found on the Members Portal section of the ISDA website. ISDA will update this list periodically.


Revised Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix
(published on January 28, 2014) Note: This supersedes version dated October 14, 2011
(Note: the Revised Fallback Matrix has been superseded by the document published September 8, 2016)

The revised and restated Additional Provisions, Fallback Matrix and Form of Confirmation were published in light of the opening of new offshore RMB trading centers in 2013. The revised documents enable parties to select multiple Offshore CNY Centers for the purposes of triggering a CNY Disruption Event. No material changes have been made to the definition of "CNY Disruption Event" or the Disruption Fallbacks.

Free Download
Click here to view/download Word (format) - Revised Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction
Click here to view/download Word (format) - Revised ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix (Note: the Revised Fallback Matrix has been superseded by the document published September 8, 2016)
Click here to view/download Word (format) - Revised Form of Confirmation for incorporating Additional Provisions and Fallback Matrix


QUICK START USER’S GUIDE and RECOMMENDED PRACTICES TO THE ISDA MASTER FX NOVATION AND CANCELLATION PROTOCOL (October 28, 2013)

This Quick Start User’s Guide and Recommended Practices (the “Recommended Practices”) are intended to provide a step by step overview of the process of novating foreign exchange and currency option transactions under the ISDA Master FX Novation and Cancellation Protocol (the “FX Novation Protocol”), published by ISDA on March 25, 2011. In particular, these Recommended Practices are meant to focus attention upon the choices and variations which parties that have adhered to the FX Novation Protocol and are proposing to novate transactions may wish to consider. 

These Recommended Practices provide for a concise overview of the various stages in the novation process set forth in the FX Novation Protocol. It is set up with a bullet point approach to provide for clear recommendations. Although parties to a novation are not obligated to conform to the Recommended Practices, Adhering Parties are encouraged to follow the guidelines set forth herein in order to support a standardization of the novation process.

Free Download
Click here to view/download PDF (format)


2013 Multilateral Amendment Agreement for Certain Asian Currency Non-Deliverable FX and Currency Option Transactions With Non-Deliverable Swap Transactions Supplement and Other Transactions Supplement Thereto
Open from July 5 to August 2, 2013

At the request of their members, ISDA and EMTA will accept a submission by email (ndfamend@cliffordchance.com) or fax (65-6410 2288) of the duly signed FX-MAA up to 12 midnight New York time on Friday August 2, 2013. The original hard copy can reach Clifford Chance Pte Ltd (12 Marina Boulevard, 25th Floor, Tower 3, Marina Bay Financial Centre, Singapore 018982 for the attention of: Paul Landless) after August 2. Please note that this will be the absolute latest time that submissions will be accepted as the list of adherents must be finalized and circulated on Monday morning Singapore time to enable adhering banks to do the needful.

The Association of Banks in Singapore (ABS), in consultation with the Singapore Foreign Exchange Market Committee (SFEMC) had on June 14, 2013, announced a number of changes to the ABS financial benchmarks in order to enhance the robustness, transparency and efficiency of the benchmark contribution process in Singapore. For further information, please refer to the ABS and SFEMC press release, SFEMC statement and related materials.

Click here for ABS and SFEMC press release.

Click here for SFEMC statement.

Click here for ABS Trading Protocol.

Click here for ABS Industry FAQs.

Click here for Blue Book updates — Benchmark Rate Setting.

Click here for SFEMC Explanatory Note.

Click here for SFEMC's Suggested Form of Post-Publication Letter to Wholesale Customers on FX Benchmark Changes (where pre-publication letter has been sent).

Click here for SFEMC's Suggested Form of Post-Publication Letter to Wholesale Customers on FX Benchmark Changes (where pre-publication letter has not been sent).

In order to facilitate a smooth transition to the new benchmarks, the SFEMC has made a number of recommendations, including that parties should mutually agree to amend NDF and other relevant contracts referencing the existing SGD, THB, IDR or MYR spot rate benchmarks that remain outstanding on August 6, 2013 to reference (as applicable) the new spot rate benchmarks for SGD, THB or IDR or the existing onshore MYR spot rate benchmark.

This Multilateral Amendment Agreement (FX-MAA) has been published to assist parties wishing to make the amendments referred to above. The FX-MAA is open to ISDA members and non-members. You need not pay any fee to sign up to the FX-MAA. Please note that you must sign up to the FX-MAA no later than 5:00 p.m. Singapore time on August 2, 2013. ISDA and EMTA will publish on their websites the list of parties who have signed up to the FX-MAA but for 'Member Only' access. The list will also be circulated to all parties who have signed up to the FX-MAA. Please refer to the "Instructions to Signing" attached to the FX-MAA for more details.

Free Download
Click here to view/download PDF (format) - FX-MAA
Click here to view/download Word (format) - FX-MAA signature page

For parties that may wish to effect the amendments bilaterally instead of signing up to the FX-MAA, two versions of a bilateral form of the FX-MAA have also been published.

Free Download
Click here to view/download Word (format) - Bilateral form of FX-MAA
Click here to view/download Word (format) - Bilateral form of FX-MAA (check box)

The full list of institutions who have signed up to the FX-MAA can be found on the Members Portal section of the ISDA website. ISDA will update this list periodically. A list of the SFEMC and/or ABS bank members who have signed up to the FX-MAA is publicly available on the SFEMC website at http://sfemc.org/ci_view.asp?id=19.

Click here for ISDA Webinar on the FX-MAA
ISDA Webinar on the FX-MAA – SLIDES


June 2013 Volatility Swap and Variance Swap Supplement to the 1998 ISDA FX and Currency Option Definitions (July 3, 2013)

The June 2013 Volatility Swap and Variance Swap Supplement incorporates terms and a template for a Volatility Swap and a Variance Swap as an amendment to the 1998 FX and Currency Option Definitions and the Annex to the 1998 FX and Currency Option Definitions, respectively. Further, this supplement replaces the May 2011 Volatility Swap Supplement to the 1998 ISDA FX and Currency Option Definitions.

Free Download
Click here to view/download pdf (format)


2012 Additional Provisions for Optional Early Termination to the 1998 FX and Currency Option Definitions (March 13, 2012)

The 2012 Additional Provisions for Optional Early Termination incorporates terms, a template and guidance for an Optional Early Termination as an amendment to the 1998 FX and Currency Option Definitions and the Annex to the 1998 FX and Currency Option Definitions, respectively.

Free Download
Click here to view/download PDF (format) - 2012 Additional Provisions for Optional Early Termination
Click here to view/download Word (format) - Exhibits to 2012 Additional Provisions Examples
Click here to view/download Word (format) - 2012 Additional Provisions Guidance


Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix
(published October 14, 2011)

The Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction (the ´┐ŻAdditional Provisions´┐Ż) and ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix ("Fallback Matrix") provide for standard documentation for deliverable CNY FX Transactions, Currency Option Transactions and Swap Transactions where a CNY Disruption Event (as defined in the Additional Provisions) renders CNY non-deliverable. Please note that the Fallback Matrix may be amended from time to time to include new Currency Pairs (as defined in the Additional Provisions).

For your convenience, we have attached an illustrative example of a Confirmation marked to show how market participants wishing to adopt the Additional Provisions and Fallback Matrix may do so.

Free Download
Click here to view/download Word (format) - Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction
Click here to view/download word (format) - ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix
Click here to view/download Word (format) - Form of Confirmation for incorporating Additional Provisions and Fallback Matrix


Letter Agreement in Relation to the Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction
(published February 27, 2012)

This side letter allows parties to amend the CNH Transactions that have been entered into between them (except those identified in the Schedule to the side letter), regardless whether the CNH Transactions are confirmed on an electronic platform (e.g., the SWIFT platform) or evidenced by way of a written confirmation. The purpose of the side letter is to apply the Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and the Fallback Matrix published by ISDA on October 14, 2011 (as amended and supplemented from time to time) to those CNH Transactions.

Free Download
Click here to view/download Word (format)


2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions
(REVISED VERSION - published May 5, 2006)

Two technical revisions have been made to the 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions (“2005 Supplement”) which was first published on December 6, 2005. The first revision suggests how to incorporate the 2005 Supplement into a Barrier or Binary Option Transaction.

The second revision further describes the approach taken to the conventions for stating Currency Pairs in the Currency Pair Matrix that was published with the 2005 Supplement.

Free Download
Click here to view/download pdf (format) - 2005 Barrier Option Supplement (Revised Version)
Click here to view/download word (format) - Barrier Option Confirmations
Click here to view/download pdf (format) - Currency Pair Matrix


2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions
(December 06, 2005)

The 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions (the “2005 Supplement) will enable market participants to readily document a variety of barrier and binary options under the framework of the 1998 Definitions. The 2005 Supplement sets forth common reference terms for a growing sector of the foreign exchange marketplace and should offer the benefits of efficient documentation processes and enhanced legal certainty to market participants.

Exhibits to the 2005 Supplement illustrate how barrier and binary options may be confirmed under its terms, and accompanying Practice Notes explain its provisions. Matrices with best practice recommendations for specifying certain confirmation terms under the 2005 Supplement also are being published and will be updated periodically by the co-sponsors.

Free Download
Click here to view/download pdf (format) - 2005 Barrier Options Supplement Definitions
Click here to view/download pdf (format) - 2005 Barrier Option Supplement Practice Notes
Click here to view/download pdf (format) - Currency Pair Matrix


Non-Deliverable Cross Currency FX Transactions Supplement
(May 31, 2011)


The Non-Deliverable Cross Currency FX Transactions Supplement incorporates terms to the 1998 FX and Currency Option Definitions (the “1998 Definitions”) that are needed to facilitate the documentation of non-deliverable cross currency FX transactions.

Free Download
Click here to view/download pdf (format)


May 2011 Volatility Swap Supplement to the 1998 FX and Currency Option Definitions
(June 3, 2011)

 The May 2011 Volatility Swap Supplement incorporates terms and a template for a Volatility Swap as an amendment to the 1998 FX and Currency Option Definitions and the Annex to the 1998 FX and Currency Option Definitions, respectively.

Free Download
Click here to view/download pdf (format)


English and Bahasa Indonesian translation of FX Glossary
(published January 4, 2011)
The FX Glossary contains relevant provisions from the 1998 FX and Currency Option Definitions, as amended by the 2005 Barrier Option Supplement, for documenting the following transactions:

  • Deliverable USD/IDR FX spots, FX forwards and FX swaps,
  • Deliverable USD/IDR put and call currency options, and
  • Deliverable USD/IDR binary options.

Free Download
Click here to view/download pdf (format)


Vietnamese translation of FX Glossary
(published April 25, 2011)
The FX Glossary contains relevant provisions from the 1998 FX and Currency Option Definitions, as amended by the 2005 Barrier Option Supplement, for documenting the following transactions:

  • Deliverable USD/VND FX spots, FX forwards and FX swaps,
  • Deliverable USD/VND put and call currency options, and
  • Deliverable USD/VND binary options.

Free Download
Click here to view/download pdf (format)


Vietnamese translation of Confirmation templates
(published April 25, 2011)
The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:

  • Deliverable USD/VND FX spots, FX forwards and FX swaps,
  • Deliverable USD/VND put and call currency options,
  • Deliverable USD/VND binary options,
  • Deliverable and Non-Deliverable USD or VND interest rate swaps, and
  • Deliverable and Non-Deliverable USD/VND cross currency swaps

Free Download
Click here to view/download pdf (format)


English and Bahasa Indonesian translation of Confirmations for Certain Types of FX and Rates Transactions
(published January 4, 2011)
The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:

  • Deliverable USD/IDR FX spots, FX forwards and FX swaps,
  • Deliverable USD/IDR put and call currency options,
  • Deliverable USD/IDR binary options,
  • Deliverable and Non-Deliverable USD or IDR interest rate swaps, and
  • Deliverable and Non-Deliverable USD/IDR cross currency swaps,

Free Download
Click here to view/download word (format)


Additional Provisions for use with a Deliverable Currency Disruption and ISDA Deliverable Currency Disruption Fallback Matrix
(published November 3, 2008)

The Additional Provisions for use with a Deliverable Currency Disruption ("Additional Provisions") and ISDA Deliverable Currency Disruption Fallback Matrix ("Fallback Matrix") provide for standard documentation for deliverable interest rate swaps where a Deliverable Currency Disruption Event (as defined in the Additional Provisions) renders the Reference Currency (as defined in the Additional Provisions) non-deliverable. Please note, the Fallback Matrix may be amended from time to time to include new Reference Currencies or Currency Pairs (each as defined in the Additional Provisions).

For your convenience, we have attached an illustrative example of Exhibit II-A to the 2006 ISDA Definitions (Additional Provisions for a Confirmation of a Swap Transaction that is a Rate Swap Transaction or Cross-Currency Rate Swap Transaction) marked to show how market participants wishing to adopt the Additional Provisions and Fallback Matrix may do so.

Free Download
Click here to view/download word (format) - Additional Provisions for use with a Deliverable Currency Disruption
Click here to view/download word (format) - ISDA Deliverable Currency Disruption Fallback Matrix
Click here to view/download word (format) - Exhibit II-A - Form of Confirmation for incorporating Additional Provisions and Matrix


Amendment to the 1998 FX and Currency Option Definitions
(published June 5, 2008)

Amendment to Section 1.11 of the 1998 FX and Currency Option Definitions, published on June 5, 2008, addresses the migration from the TARGET payment system to the TARGET2 payment system.

Free Download
Click here to view/download word (format)


Compendium of Amendments to Annex A to the 1998 FX and Currency Option Definitions

The Compendium includes all amendments to Annex A to the 1998 FX and Currency Option Definitions that were published electronically since June 20, 2001.

Free Download
Click here to view/download pdf (format) -- UPDATED VERSION -- published November 10, 2016
Click here to view/download pdf (format) -- UPDATED VERSION -- published September 14, 2015
Click here to view/download pdf (format) -- published August 26, 2013


[ Top of Page ]

Supplements to Annex A of the 1998 FX and Currency Option
Definitions

Free Downloads


Revised Annex A to 1998 FX and Currency Option Definitions

Annex A contains currency and currency spot rate definitions and other related definitions and provisions for use in documenting foreign exchange and currency option transactions, including non-deliverable transactions, under the 1998 Definitions.

The revised Annex A, dated and effective September 25, 2000, incorporates all previously issued amendments to the March 1998 version of Annex A. In addition, obsolete rate source definitions have been deleted, several new rate source definitions have been added and modifications have been made to existing rate source definitions to render them more accurate.

Other terms have been revised in the September 25, 2000 version of Annex A to better reflect market practice in the non-deliverable foreign exchange markets. Most notably, the definition of currency-reference dealers has been revised to differentiate between the polling procedures to be carried out when that term is used in the ordinary course to determine a settlement rate, as opposed to when that term is used as a fallback rate mechanism upon the occurrence of a market disruption. The definition of Specified Amount has also been revised.

Free Download
Click here to view/download pdf (format)


Annex A to the 1998 FX and Currency Option Definitions

Annex A to the 1998 FX and Currency Option Definitions, published in March 1998, supplements and forms part of the 1998 FX and Currency Option Definitions. Annex A, which is in the form of a three-ring binder, permits the inclusion of later supplements and amendments, contains currency and currency spot rate definitions and certain other related definitions and provisions.

Free Download
Click here to view/download pdf (format)


1992 FX and Currency Option Definitions
PDF Only

Click here for TOC
Click here to Read Introduction

Member Price: $25.00
Non-Member Price: $50.00
Learn About Membership

[ Top of Page ]
 

© 1995 - 2017 International Swaps and Derivatives Association, Inc. Privacy policy