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ISDA Interest Rate and Currency Derivative Definitions, Confirmations and Supplements
 
2006 ISDA Definitions and Supplements

2006 ISDA Definitions

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Supplement number 52 to the 2006 ISDA Definitions
(published April 6, 2017)

Supplement number 52 provides for the following:

  • Addition of the following Floating Rate Options under Section 7.1(f) (Euro), Section 7.1(w) (Sterling), Section 7.1(y) (Swiss Franc) and Section 7.1(ab) (US Dollar): "CHF - 6M LIBOR SWAP - CME vs LCH - ICAP"; "CHF - 6M LIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "CHF - 6M LIBOR SWAP - EUREX vs LCH- ICAP"; "CHF - 6M LIBOR SWAP - EUREX vs LCH - ICAP - Bloomberg"; "CHF - 3M LIBOR SWAP - CME vs LCH - ICAP"; "CHF - 3M LIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "CHF - 3M LIBOR SWAP - EUREX vs LCH - ICAP"; "CHF - 3M LIBOR SWAP - EUREX vs LCH- ICAP - Bloomberg"; "EUR - 6M EURIBOR SWAP - CME vs LCH - ICAP"; "EUR - 6M EURIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "EUR - 6M EURIBOR SWAP - EUREX vs LCH - ICAP"; "EUR - 6M EURIBOR SWAP - EUREX vs LCH - ICAP - Bloomberg"; "EUR - 3M EURIBOR SWAP - CME vs LCH - ICAP"; "EUR - 3M EURIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "EUR - 3M EURIBOR SWAP - EUREX vs LCH - ICAP"; "EUR - 3M EURIBOR SWAP - EUREX vs LCH - ICAP - Bloomberg"; "GBP - 6M LIBOR SWAP - CME vs LCH - ICAP"; "GBP - 6M LIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "GBP - 6M LIBOR SWAP - EUREX vs LCH - ICAP"; "GBP - 6M LIBOR SWAP - EUREX vs LCH - ICAP - Bloomberg"; "USD - 3M LIBOR SWAP - CME vs LCH - ICAP"; "USD - 3M LIBOR SWAP - CME vs LCH - ICAP - Bloomberg"; "USD - 6M LIBOR SWAP - CME vs LCH - ICAP"; and "USD - 6M LIBOR SWAP - CME vs LCH - ICAP - Bloomberg".
  • Amendment to Section 7.2(a)(xii) "Reuters Screen" or "Thomson Reuters Screen" definition.

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Supplement number 51 to the 2006 ISDA Definitions
(published April 3, 2017)

Supplement number 51 provides for the following:

  • Addition of the Floating Rate Option "CHF-SARON-OIS-COMPOUND" under Section 7.1
  • Amendment to the Floating Rate Option "CNY-SHIBOR-Reuters" under Section 7.1
  • Amendment to Section 8.1 Rounding

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Supplement number 50 to the 2006 ISDA Definitions
(published October 19, 2016)

Supplement number 50 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Option under Section 7.1(ab)(lv) "USD-Overnight Bank Funding Rate".

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Supplement number 49 to the 2006 ISDA Definitions
(published April 18, 2016)

Supplement No. 49 to the 2006 ISDA Definitions provides for the deletion of "NOK-NIBOR-NIBR", the addition of "NOK-NIBOR-OIBOR" and the amendment of "KRW-CD-KSDA-Bloomberg", "KRW-CD-3220" and "Check Screen".

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Supplement number 48 to the 2006 ISDA Definitions
(published March 23, 2016)

Supplement No. 48 to the 2006 ISDA Definitions provides for the addition of Section 14.1(f) and Section 14.1(g) and for the amendment of Section 15.2 and Section 18.3 to allow for a mutually agreed clearinghouse, where an Underlying Swap Transaction will be cleared, to be specified in the Swaption confirmation and to address the situation where, as of the exercise date, the specified clearinghouse does not accept the Underlying Swap Transaction for clearing.

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Supplement number 47 to the 2006 ISDA Definitions
(published July 14, 2015)*

Supplement No. 47 to the 2006 ISDA Definitions provides the following:

(i) A new rate "INR-FBIL-MIBOR-OIS-COMPOUND", whereby the reference rate for the calculation of interest therein will be the new Mumbai inter-bank volume weighted average overnight traded rate;

(ii) An amendment to the "INR-MITOR-OIS-COMPOUND" and the "INR-MIFOR" where the fixing time of the foregoing rates has been changed from 1 pm to 2pm; and

(iii) A new rate "JPY-TIBOR-TIBM" which will merge and replace the three existing benchmarks, i.e. "JPY-TIBOR-TIBM (10 Banks)", "JPY-TIBOR-TIBM (5 Banks)", and "JPY-TIBOR-TIBM (All Banks)".

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* Supplement number 47 was originally published on March 23, 2015, but was amended and re-published on July 14, 2015.


Supplement number 46 to the 2006 ISDA Definitions
(published January 29, 2015)

Supplement No. 46 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Options CHF-Basis Swap-3m vs 6m-LIBOR-11:00-ICAP and CHF-Annual Swap Rate-11:00-ICAP under Section 7.1(y) and EUR Basis Swap-EONIA vs 3m EURIBOR Swap Rates-A/360-10:00-ICAP under Section 7.1(f).

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Supplement number 45 to the 2006 ISDA Definitions
(published January 12, 2015)

Supplement No. 45 to the 2006 ISDA Definitions amends and restates the existing PHIREF rate option as well as amending the fixing time in the "CNY-SHIBOR-Reuters" Floating Rate Option from 11:30am to 9:30am.

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Supplement number 44 to the 2006 ISDA Definitions
(published December 05, 2014)

Supplement No. 44 to the 2006 ISDA Definitions amends the fixing time of the HKD Rate Options under Section 7.1(g)(i) to (v).

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Supplement number 43 to the 2006 ISDA Definitions
(published September 05, 2014)

Supplement No. 43 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Options "IDR-JIBOR-Reuters" under Section 7.1(j), "TWD-TAIBOR-Reuters" and "TWD-TAIBOR-Bloomberg" under Section 7.1(z). It also provides for the addition of the Day Count Fractions "RBA Bond Basis (quarter)", "RBA Bond Basis (semi-annual)" and "RBA Bond Basis (annual)" under Section 4.16.

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Supplement number 42 to the 2006 ISDA Definitions
(published July 7, 2014)

Supplement No. 42 to the 2006 ISDA Definitions revises Section 19.1. - Application of ISDA Settlement Matrices - to also provide for the scenario of swap transactions with Optional Early Termination where Cash Settlement is specified to be inapplicable ("Cancellable Swaps").

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Exhibit II-F.1 to the 2006 ISDA Definitions (Cancellable Swap) -- Exhibit II-F.1 provides for Additional Provisions for a Confirmation of of a Swap Transaction to which Optional Early Termination applies, with Cash Settlement inapplicable


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Supplement number 41 to the 2006 ISDA Definitions
(published April 29, 2014)

Supplement No. 41 to the 2006 ISDA Definitions provides for the addition under Section 7.1 of the REPOFUNDS Floating Rate Options for Germany, France and Italy.

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Supplement number 40 to the 2006 ISDA Definitions
(published February 24, 2014)

Supplement No. 40 to the 2006 ISDA Definitions revises the definitions of "AUD-BBR-AUBBSW", "AUD-BBR-BBSW", "AUD-BBR-BBSW-Bloomberg" and "AUD-BBR-BBSY (BID)" under Section 7.1(a)(iii) to (vi) to reflect the changes made to the calculation of BBSW and makes consequential amendments to Section 7.3(c).

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Supplement number 39 to the 2006 ISDA Definitions
(published February 20, 2014)

Supplement No. 39 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Options "PHP-PHIREF-BAP" and "PHP-PHIREF-Reference Banks" under Section 7.1(ah).

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Supplement number 38 to the 2006 ISDA Definitions
(published December 27, 2013, effective as of January 1, 2014)

Supplement No. 38 to the 2006 ISDA Definitions amends the definition of "THB-THBFIX-Reuters" by inter alia changing the fixing time, deletes the definition of "THB-SOR-Reference Banks" (with consequential amendments to Section 6.2(g)) and introduces the definition of "THB-THBFIX-Reference Banks" under Section 7.1(aa).

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Supplement number 37 to the 2006 ISDA Definitions
(published October 15, 2013)


Supplement No. 37 to the 2006 ISDA Definitions provides for the amendment of Section 7.1 (ae) Russian Ruble including a new provision (viii) "RUB-RUONIA-OIS-COMPOUND".

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Supplement number 36 to the 2006 ISDA Definitions
(published August 29, 2013, effective as of January 1, 2014)

Supplement No. 36 to the 2006 ISDA Definitions provides for the deletion of "USD-SIBOR-SIBO" under Section 7.1(ab).

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Supplement number 35 to the 2006 ISDA Definitions
(published August 29, 2013, effective as of October 1, 2013)

Supplement No. 35 to the 2006 ISDA Definitions provides for the deletion of "IDR-SOR-Reuters", "SGD-SOR-Reuters", SGD-SOR-Reference Banks" "SGD-SONAR-OIS-COMPOUND" and "THB-SOR-Reuters" and the addition of "SGD-SOR-VWAP", "SGD-SOR-VWAP-Reference Banks" and "SGD-SONAR-OIS-VWAP-COMPOUND" under Section 7.1(j), (t) and (aa) and for consequential amendments to Section 6.2(g).

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Supplement number 34 to the 2006 ISDA Definitions
(published August 23, 2013)

Supplement No. 34 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Option CNH-HIBOR-TMA and CNH-HIBOR-Reference Banks..

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Supplement number 33 to the 2006 ISDA Definitions
(published September 26, 2012)

Supplement No. 33 to the 2006 ISDA Definitions provides for the addition under Section 7.1 of the Floating Rate Option "UK Base Rate" and the amendment of the "COREPO Rate".

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Supplement number 32 to the 2006 ISDA Definitions
(published July 27, 2012)

Supplement No. 32 to the 2006 ISDA Definitions provides for the addition of definitions under Certain Hong Kong Business Days and Certain Definitions Relating to Hong Kong Dollar Rate Options, which define the adjustment of HK Business Day and fixing time of certain HKD Floating Rate Options under adverse weather conditions (typhoon and black rainstorm).

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Supplement number 31 to the 2006 ISDA Definitions
(published May 21, 2012)

Supplement No. 31 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Option "COP-IBR-OIS COMPOUND".

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Supplement number 30 to the 2006 ISDA Definitions
(published February 27, 2012)

Supplement No. 30 to the 2006 ISDA Definitions provides changes for Section 7.1(a)(x) AUD-Swap Rate-Reuters; amendment for entire Section 7.1(i) which covers INR-MIBOR-OIS-COMPOUND, INR-MITOR-OIS-COMPOUND, INR-MIFOR, INR-MIOIS, INR-BMK, INR-INBMK-REUTERS, INR-CMT, INR-Reference Banks, INR-Semi-Annual Swap Rate-11:30-BGCANTOR, INR-Semi-Annual Swap Rate-Reference Banks, INR-Semi Annual Swap Rate-Non-deliverable-16:00-Tullett Prebon; addition of Section 7.1(m) (iv) KRW-Bond-3222; addition of Section 7.1(ah) (vii) CNY-PBOCB-Reuters, (viii) CNY-SHIBOR-Reuters, (ix) CNY-Shibor-OIS-Compounding

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Supplement number 29 to the 2006 ISDA Definitions
(published January 3, 2012)

Supplement No. 29 to the 2006 ISDA Definitions provides for the addition of the Floating Rate Option GBP-Semi-Annual Swap Rate-SwapMarker26.

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Supplement number 28 to the 2006 ISDA Definitions
(published September 30th, 2011)

Supplement No. 28 to the 2006 ISDA Definitions provides for the addition of Section 15.2 Cleared Physical Settlement, Section 18.3(g) Collateralized Cash Price, and Section 19.4 ISDA Collateral Cash Price Matrix.

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Supplement number 27 to the 2006 ISDA Definitions
(published July 11, 2011)

Supplement No. 27 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Options; DKK-CIBOR2-Bloomberg and GBP-WMBA-RONIA-COMPOUND.

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Supplement number 26 to the 2006 ISDA Definitions
(published June 27, 2011)

Supplement No. 26 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Options; CNY-Quarterly 7 day Repo Non Deliverable Swap Rate-TRADITION, CNY-Quarterly 7 day Repo Non Deliverable Swap Rate-TRADITION-Reference Banks, EUR EURIBOR- Annual Bond Swap vs 1m-11:00-ICAP, INR-Semi Annual Swap Rate–Non-deliverable–16:00–Tullett Prebon, IDR-Semi Annual Swap Rate–Non-deliverable–16:00–Tullett Prebon, KRW- Quarterly Annual Swap Rate-3:30-ICAP, MYR-Quarterly Swap Rate-11:00-TRADITION, MYR-Quarterly Swap Rate-TRADITION-Reference Banks, SGD-Semi-Annual Swap Rate-11:00-Tullett Prebon, SGD-Semi-Annual Swap Rate-16:00-Tullett Prebon, SGD-Semi-Annual Currency Basis Swap Rate-11:00-Tullett Prebon, SGD-Semi-Annual Currency Basis Swap Rate-16:00-Tullett Prebon, TRY Annual Swap Rate-11:00-TRADITION, TRY-Semi-Annual Swap Rate-TRADITION-Reference Banks, USD- Municipal Swap Libor Ratio-11:00-ICAP, USD- Municipal Swap Rate-11:00-ICAP

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Supplement number 25 to the 2006 ISDA Definitions
(published December 1, 2010)

Supplement No.25 to the 2006 ISDA Definitions provides for the addition of the following rate options to Section 7.1: TWD-TAIBIR01 and TWD-TAIBIR02 and for the amendment of Section 7.3(f)(ii).

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Supplement number 24 to the 2006 ISDA Definitions
(published August 2, 2010)

Supplement No. 24 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Options; AUD-Semi-Annual Swap Rate-11:00-BGCANTOR, EUR EURIBOR-Basis Swap - 3m vs 6m- -11:00-ICAP, EUR EURIBOR- Basis Swap- 1m vs 3m- Euribor-11:00-ICAP, HKD-Quarterly-Quarterly Swap Rate-11am-ICAP, HKD-Quarterly-Quarterly Swap Rate-4pm-ICAP, USD-Treasury-19901-3:00-ICAP, RUB-Annual Swap Rate-12:45-TRADITION, RUB-Annual Swap Rate-4:15-TRADITION, NZD-Semi-Annual Swap Rate-11:00-BGCANTOR, ZAR-Quarterly Swap Rate-1:00-TRADITION, ZAR-Quarterly Swap Rate-5:30-TRADITION, HKD-Quarterly-Annual Swap Rate-11:00-TRADITION and SGD-Semi-Annual Swap Rate-11.00-TRADITION.

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Supplement number 23 to the 2006 ISDA Definitions
(published July 26, 2010)

Supplement No. 23 to the 2006 ISDA Definitions provides technical changes for Section 16.1 Optional Early Termination, Section 18.2 Certain Definitions Relating to Cash Settlement, Section 18.3 Cash Settlement Methods and Article 19 ISDA Settlement Matrix.

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Supplement number 22 to the 2006 ISDA Definitions
(published July 26, 2010)

Supplement No. 22 to the 2006 ISDA Definitions provides technical changes for Section 1.5 Financial Centers, Article 5 Fixed Amounts, Section 6.2 Certain Definitions Relating to Floating Amounts, Section 6.4 Negative Interest Rates and Section 7.1 Rate Options.

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Supplement number 21 to the 2006 ISDA Definitions
(published April 26, 2010)

Supplement No. 21 to the 2006 ISDA Definitions provides changes for Section 7.1(ah) (Chinese Renminbi) of the 2006 ISDA Definitions by adding the terms CNY-CNREPOFIX=CFXS-Reuters and CNY 7-Repo Compounding Date.

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Supplement number 20 to the 2006 ISDA Definitions
(published April 16, 2010)

Supplement No. 20 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Options;  EUR-Annual Swap Rate-10:00-TRADITION, EUR-Annual Swap Rate-4:15-TRADITION, EUR-EONIA-OIS-10:00-TRADITION, EUR-EONIA-OIS-4:15-TRADITION, GBP-Semi Annual Swap Rate-11:00-TRADITION, GBP-Semi Annual Swap Rate-4:15-TRADITION, GBP-SONIA-OIS-11:00-TRADITION, GBP-SONIA-OIS-4:15-TRADITION, JPY-Annual Swap Rate-11:00-TRADITION, JPY-Annual Swap Rate-3:00-TRADITION, JPY-OIS-11:00-TRADITION, JPY-OIS-3:00-TRADITION, USD-Annual Swap Rate-11:00-TRADITION, USD-Annual Swap Rate-4:00-TRADITION, USD-OIS-11:00-TRADITION and USD-OIS-4:00-TRADITION

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Supplement number 19 to the 2006 ISDA Definitions
(published January 6, 2010)

Supplement No. 19 to the 2006 ISDA Definitions provides for the addition of the following Floating Rate Options;  JPY-LTRM-MHCB, JPY-LTPR-TBC, JPY-STPR-Quoting Banks, JPY-Quoting Banks-LIBOR

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Supplement number 18 to the 2006 ISDA Definitions
(published December 18, 2009)

Supplement No. 18 to the 2006 ISDA Definitions provides technical changes for Section 7.1 of the 2006 ISDA Definitions

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Supplement number 17 to the 2006 ISDA Definitions
(published October 15, 2009)

Supplement No. 17 to the 2006 ISDA Definitions provides for the addition of the AED-EBOR-Reuters Floating Rate Option.

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Supplement number 16 to the 2006 ISDA Definitions
(published August 8, 2009)

Section 6.1, 6.2 and 6.3 are amended. Supplement number 16 to the 2006 ISDA Definitions provides for the addition of a third method of Compounding, Spread Exclusive Compounding. It also redefines the former method of Compounding: Applicable to Straight Compounding. Both Definitions for Straight Compounding and Flat compounding are now expressed in formulas.  Guidance is also provided on use of this within transaction documentation.

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Supplement number 15 to the 2006 ISDA Definitions
(published August 5, 2009)

Supplement number 15 to the 2006 ISDA Definitions provides for the addition of AUD-Quarterly Swap Rate-ICAP, AUD-Semi-annual Swap Rate-ICAP, AUD-Quarterly Swap Rate-ICAP-Reference Banks, AUD-Semi-Annual Swap Rate-ICAP-Reference Banks, CZK-Annual Swap Rate-11:00-BGCANTOR, CZK-Annual Swap Rate-Reference Banks, EUR USD-Basis Swaps-11:00-ICAP, INR-Semi-Annual Swap Rate-11:30-BGCANTOR, INR-Semi-Annual Swap Rate-Reference Banks, IDR-Semi-Annual Swap Rate-11:00-BGCANTOR, IDR-Semi-Annual Swap Rate-Reference Banks, JPY USD-Basis Swaps-11:00-ICAP, NZD-Swap Rate-ICAP, NZD-Swap Rate-ICAP-Reference Banks, RON-Annual Swap Rate-11:00-BGCANTOR, RON-Annual Swap Rate-Reference Banks, RUB-Annual Swap Rate-11:00-BGCANTOR, RUB-Annual Swap Rate-Reference Banks, SGD-Semi-Annual Swap Rate-ICAP, SGD-Semi-Annual  Swap Rate-ICAP-Reference Banks, GBP USD-Basis Swaps-11:00-ICAP, CHF USD-Basis Swaps-11:00-ICAP, TWD-Quarterly-Annual Swap Rate-11:00-BGCANTOR, TWD-Quarterly-Annual Swap Rate-Reference Banks, THB-Semi-Annual Swap Rate-11:00-BGCANTOR, THB-Semi-Annual Swap Rate-Reference Banks, TRY-Annual Swap Rate-11:15-BGCANTOR, TRY-Annual Swap Rate-Reference Banks, CNY-Semi-Annual Swap Rate-11:00-BGCANTOR, CNY-Semi-Annual Swap Rate-Reference Banks, PHP-Semi-Annual Swap Rate-11:00-BGCANTOR, PHP-Semi-Annual Swap Rate-Reference Banks, VND-Semi-Annual Swap Rate-11:00-BGCANTOR, VND-Semi-Annual Swap Rate-Reference Banks Floating Rate Options.

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Supplement number 14 to the 2006 ISDA Definitions
(published June 5, 2009)

Supplement number 14 to the 2006 ISDA Definitions revises the definitions of “CHF-ISDAFIX-Swap Rate” and "USD-SIFMA Municipal Swap Index", adds a new Day Count Fraction as well as a new Floating Rate Option for the Romanian Leu and makes a minor technical amendment to the Definitions. 

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Supplement number 13 to the 2006 ISDA Definitions
(published November 26, 2008)

Supplement No. 13 to the 2006 ISDA Definitions provides for the addition of the EUR-EONIA-OIS-10:00-ICAP, EUR-EONIA-OIS-11:00-ICAP, JPY-OIS-11:00-ICAP, GBP-SONIA-OIS-11:00-ICAP, CHF-OIS-11:00-ICAP, USD-OIS-11:00-LON-ICAP, USD-OIS-11:00-NY-ICAP and USD-OIS-3:00-NY-ICAP Floating Rate Options.

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Supplement number 12 to the 2006 ISDA Definitions
(published October 28, 2008)

Supplement No. 12 to the 2006 ISDA Definitions provides for the addition of the EUR-EONIA-OIS-10:00-BGCANTOR, HKD-Quarterly-Annual Swap Rate-11:00-BGCANTOR, HKD-Quarterly-Annual Swap Rate-4:00-BGCANTOR, SGD-Semi-Annual Swap Rate-11:00-BGCANTOR, USD-OIS-11:00-BGCANTOR and USD-OIS-3:00-BGCANTOR Floating Rate Options. Additionally, ‘Reference Banks’ language for HKD and SGD has been added in accordance with the aforementioned provisions.

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Supplement number 11 to the 2006 ISDA Definitions
(published October 14, 2008)

Supplement No. 11 to the 2006 ISDA Definitions provides for the addition of the EUR-Annual Swap Rate-10:00-ICAP and EUR-Annual Swap Rate-11:00-ICAP Floating Rate Options (FROs) and revises Section 7.1(f)(xxxi) (EUR-Annual Swap Rate-Reference Banks).

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Supplement number 10 to the 2006 ISDA Definitions
(published September 5, 2008)

Supplement No. 10 to the 2006 ISDA Definitions revises the definition of “INR-MIBOR-OIS-COMPOUND” in the light of the FIMMDA Circular to members dated May 27, 2008 and the NSE Press Release dated June 2, 2008.  The Side Letter allows parties to bilaterally amend their legacy trades. 

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Supplement number 9 to the 2006 ISDA Definitions
(published August 19, 2008)

Supplement number 9 provides for the addition of the EUR-Annual Swap Rate-10:00-BGCANTOR and USD-Annual Swap Rate-11:00-BGCANTOR Floating Rate Options and revises Section 7.1(f)(xxxi) (EUR-Annual Swap Rate-Reference Banks).

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Supplement number 8 to the 2006 ISDA Definitions
(published June 10, 2008)

Supplement 8 provides for Additional Provisions for a Confirmation of a Swap Transaction that is a Range Accrual Swap.

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Supplement number 7 to the 2006 ISDA Definitions
(published June 9, 2008)

The Floating Rate Option " ISK-REIBOR-Reuters " and “ISK-REIBOR-Reference Banks” were published on June 9, 2008 as an amendment to the 2006 Definitions.

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Supplement number 6 to the 2006 ISDA Definitions
(published June 9, 2008)

Sections 1.4 and 1.8 are amended to addresses the migration from the TARGET payment system to the TARGET2 payment system.

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Supplement number 5 to the 2006 ISDA Definitions
(published April 14, 2008)

Section 13.1(h) is amended in its entirety. For USD denominated Swaptions only, it provides that where a specified Expiration Date is not an Exercise Business Date, the Expiration Date will be the first preceding day that is an Exercise Business Day, unless the authority announcing that a day will no longer be an Exercise Business Date does so less than two Exercise Business Days prior to the original expiration. In that case, the Expiration Date will be the next following day that is an Exercise Business Day.

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Supplement number 4 to the 2006 ISDA Definitions
(published January 29, 2008)

The Floating Rate Options "RUB-MOSPRIME-NFEA" and “RUB-MOSPRIME-Reference Banks” were published on January 29, 2008 as an amendment to the 2006 Definitions.

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Supplement number 3 to the 2006 ISDA Definitions
(published December 12, 2007)

The Floating Rate Options "TRY-TRYIBOR-Reuters" and “TRY-TRYIBOR-Reference Banks” were published on December 12, 2007 as an amendment to the 2006 Definitions.

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Supplement number 2 to the 2006 ISDA Definitions
(published October 10, 2007)

The first paragraph of Section 10.5 relating to MTM Amount is amended and restated. In addition we have included a form of side letter which may be of assistance if you have existing transactions which reference the term as formerly described.

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Supplement number 1 to the 2006 ISDA Definitions
(published October 5, 2007)

The Floating Rate Option "SEK-Annual Swap Rate-SESWFI" was published on October 5, 2007 as an amendment to the 2006 ISDA Definitions.

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Additional Provisions for use with a Deliverable Currency Disruption (published November 3, 2008)
and
ISDA Deliverable Currency Disruption Fallback Matrix
(published July 18, 2016)

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.

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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

Bilateral Amendment Agreement for Certain Rate Swap and Other Transaction
(published October 8, 2014)

This bilateral Amendment Agreement has been published to assist parties wishing to amend an interest rate referenced in their financial contracts. The Amendment Agreement will apply to OTC derivatives and other financial transactions such as repos. In addition, the Amendment Agreement will apply to the ISDA English or New York law governed Credit Support Documents which include a fixing of the affected rate.

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2013 Multilateral Amendment Agreement for Certain Rate Swap and Other Transactions
Open from August 29, 2013 to September 26, 2013


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. The changes include the following:

Rates
Benchmark
Outcome Last Day of Old
Benchmark
Publication
First Day of New
Benchmark
Publication
SGD SOR Transit to Traded Benchmark: O/N, 1m, 3m, 6m

Discontinue: 1w, 2m, 9m, 12m
Sep 30 2013 Oct 1 2013

N.A
SGD SIBOR Improve Governance: 1m, 3m, 6m, 12m

Discontinue: 2m, 9m
Oct 1 2013
Sep 30, 2013
N.A
N.A
USD SIBOR Transit to Alternative Benchmark: USD LIBOR Dec 31, 2013 N.A
Jan 1, 2014: Transit to Alternative Benchmark

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.

In order to facilitate a smooth transition to the new rate benchmarks, the SFEMC has made the following recommendations:

  1. Where the new or alternative rate benchmark has a tenor that corresponds to the existing benchmark, that it replaces the existing benchmark. Thus (referring to the table below):
  2. 2013 Multilateral Amendment Agreement
    1. SGD SOR O/N, 1M, 3M and 6M rates will be replaced by the corresponding SGD SOR VWAP O/N, 1M, 3M and 6M rates.
    2. USD SIBOR O/N, 1W, 1M, 2M, 3M, 6M and 12M rates will be replaced by the corresponding USD LIBOR O/N, 1W, 1M, 2M, 3M, 6M and 12M rates.
  3. Where the new or alternative rate benchmark does not have a tenor that corresponds to the existing benchmark, but does have longer and shorter tenors, that the linearly interpolated new or alternative rate replace the existing benchmark. Thus (referring to the table above):
    1. SGD SOR 1W rate will be replaced by the linearly interpolated SGD SOR VWAP O/N and 1M rate.
    2. SGD SOR 2M rate will be replaced by the linearly interpolated SGD SOR VWAP 1M and 3M rate.
    3. USD SIBOR 9M rate will be replaced by the linearly interpolated USD LIBOR 6M and 12M rate.
  4. For SGD SIBOR, that the discontinued tenors be replaced by the linearly interpolated rate, i.e.:
    1. SGD SIBOR 2M rate will be replaced by the linearly interpolated SGD SIBOR 1M and 3M rate.
    2. SGD SIBOR 9M rate will be replaced by the linearly interpolated SGD SIBOR 6M and 12M rate.

The SFEMC has made no recommendation where the affected rate is the SGD SOR 9M or 12M rates as there is no market standard method of extrapolation. Parties will thus have to bilaterally agree how to deal with such cases.

This Multilateral Amendment Agreement (Rates-MAA) has been published to assist parties wishing to make the amendments referred to above. The Rates-MAA will apply to OTC derivatives and other financial transactions such as repos. In addition, the Rates-MAA will apply to the ISDA English or New York law governed Credit Support Documents. As between any two parties to the Rates-MAA, the relevant transactions or Credit Support Documents between them will be amended only if and to the extent that such transactions or Credit Support Documents have a fixing of an affected rate that is to take place (i) on or after October 1, 2013 and (ii) after the date of discontinuation of the affected rate (i.e. September 30, 2013 for the SGD SOR and SGD SIBOR rate benchmarks and December 31, 2013 for the USD SIBOR rate benchmark).

The Rates-MAA is open to ISDA members and non-members. You need not pay any fee to sign up to the Rates-MAA. Please note that you must sign up to the Rates-MAA no later than 5:00 p.m. Singapore time on September 26, 2013. ISDA will publish on its website the list of parties who have signed up to the Rates-MAA but for 'Member Only' access. ISDA will update this list periodically. The list will also be circulated to all parties who have signed up to the Rates-MAA. Please refer to the "Instructions to Signing" attached to the Rates-MAA for more details.

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Click here to view/download Word (format) - Rates-MAA Signature Page

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

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Click here to view/download Word (format) - Bilateral form of RATES-MAA

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

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Click here to view/download Word (format) - ISDA's Suggested Form of Post-Publication Letter to Wholesale Customers on Rate Benchmark Changes

Click here for ISDA Webinar on the Rates-MAA
ISDA Webinar on the Rates-MAA - SLIDES



LIBOR Discontinuations Guidance
(published March 25, 2013)

Industry guidance and associated bilateral Amendment Letter for the discontinuation of certain currencies and maturities of LIBOR as advised by the BBA.

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English and Bahasa Indonesian translation of Rates Glossary
(published January 4, 2011)

The Rates Glossary contains relevant provisions from the 2006 ISDA Definitions, for documenting the following transactions:

  • Deliverable USD or IDR interest rate swaps,
  • Deliverable USD/IDR cross currency swaps,
  • Non-Deliverable IDR interest rate swaps, and
  • Non-Deliverable USD/IDR cross currency swaps.

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Vietnamese translation of Rates Glossary
(published April 25, 2011)

The Rates Glossary contains relevant provisions from the 2006 ISDA Definitions, for documenting the following transactions:

  • Deliverable USD or VND interest rate swaps,
  • Deliverable USD/VND cross currency swaps,
  • Non-Deliverable VND interest rate swaps, and
  • Non-Deliverable USD/VND cross currency swaps.

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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,

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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

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Additional Provisions for use with a Deliverable Currency Disruption (published November 3, 2008)
and
ISDA Deliverable Currency Disruption Fallback Matrix
(Note: the ISDA Deliverable Currency Disruption Fallback Matrix has been superseded by the document published July 18, 2016)

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.

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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* --- (Note: the ISDA Deliverable Currency Disruption Fallback Matrix has been superseded by the document published July 18, 2016)
Click here to view/download word (format) - Exhibit II-A - Form of Confirmation for incorporating Additional Provisions and Matrix


Deliverable Currency Disruption Additional Provisions Letter Agreement for RUB FX transactions
(published April 21, 2009)

These two letter agreements (as described in more detail below) allow parties to incorporate the Additional Provisions for Use with a Deliverable Currency Disruption and ISDA Deliverable Currency Disruption Fallback Matrix (Additional Provisions) to foreign exchange transactions, including previously confirmed live trades, involving an amount payable in RUB.

The RUB Side Letter Agreement -- FX Transactions provides the option for parties that have entered into written confirmations to either amend (A) all RUB Foreign Exchange transactions that have been entered into between the parties (irrespective of whether such RUB Foreign Exchange transaction is identified on the Schedule) or (B) the RUB Foreign Exchange transactions identified on the Schedule. For future trades, parties should include a new confirmation line item allowing them to apply or not apply the Additional Provisions.

The SWIFT Side Letter allows parties to amend foreign exchange transactions involving an amount payable in RUB confirmed on the SWIFT electronic platform. The SWIFT side letter will apply the Additional Provisions to previously confirmed and future RUB SWIFT trades.

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Click here to view/download word (format) - SWIFT RUB FX Deliverability Letter


Deliverable Currency Disruption Additional Provisions Letter Agreement
(published January 23, 2009)

The Deliverable Currency Disruption Additional Provisions Letter Agreement allows parties to incorporate the recently published Additional Provisions for use with a Deliverable Currency Disruption and ISDA Deliverable Currency Disruption Fallback Matrix (the "Additional Provisions") to all transactions, including previously confirmed live trades, involving an amount payable in RUB.

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Exhibit II-J to the 2006 ISDA Definitions (CMS One Look Template) -- Exhibit II-J provides for Additional Provisions for a Confirmation of a CMS One Look Transaction

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Click here to view/download pdf (format) - Best Practice Note – CMS One Look



Memorandum on Principal Amendments to the 2000 ISDA Definitions As Incorporated In The 2006 ISDA Definitions

This Memorandum sets forth a description of the principal amendments made to the 2000 ISDA Definitions as incorporated into the successor publication, the 2006 ISDA Definitions. The 2000 and 2006 ISDA Definitions are incorporated into a variety of transaction types and this memorandum offers a detailed explanation of the substantive changes between the two definitions booklets.

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Chinese translation of Summary of Changes between ISDA 2000 to ISDA 2006 Definitions

The translation of summary of changes between ISDA 2000 to ISDA 2006 Definitions has been prepared for educational purposes only.

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Chinese translation of Introduction to ISDA 2006 Definitions

The translation provides an overview of the ISDA 2006 Definitions and it has been prepared for educational purposes only.

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Memo on migration of rate sources from Telerate to Reuters and implications for the 2000 ISDA Definitions
(published April 12, 2007)

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[ Top of Page ]

2000 ISDA Definitions, Annex to the 2000 ISDA Definitions and Supplements

2000 ISDA Definitions
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Annex to the 2000 ISDA Definitions
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2000 ISDA Definitions and Annex
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Purchase this package either in hard copy or electronic copy and you will receive both the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions at a reduced rate.

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Supplement number 20 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published January 7, 2011)

This supplement which incorporates the ISDA Settlement Matrix to the Definitions was published on January 3, 2005 as an amendment to the 2000 ISDA Definitions and Annex to the 2000 Definitions.

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Supplement number 19 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published August 27, 2004)

The Floating Rate Options "USD-BMA Municipal Swap Index" and "USD-S&P Index-High Grade" were published on August 27, 2004 as amendments to the 2000 ISDA Definitions and Annex to the 2000 Definitions.

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Supplement number 18 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published July 7, 2004)

The Floating Rate Options "JPY-TIBOR- 17096", "JPY-TIBOR-17097" and "JPY-TIBOR-DTIBOR01" were published on July 7, 2004 as amendments to the 2000 ISDA Definitions and Annex to the 2000 Definitions.

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Supplement number 17 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published July 1, 2004)

The Floating Rate SGD-SONAR-OIS-COMPOUND was published on July 1, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 16 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published June 28, 2004)

The Floating Rate HKD-HONIX-OIS-COMPOUND was published on June 28, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 15 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published June 15, 2004)

The Floating Rate NZD-NZIONA-OIS-COMPOUND Definition was published on June 15, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 14 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published June 15, 2004)

This supplement which incorporates Swaption Straddles was published on June 15, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 13 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published February 23, 2004)

The AUD-AONIA-OIS-COMPOUND language for the rate of return of a daily compound interest investment (it being understood that the reference rate for the calculation of interest is the Australian Dollar interbank overnight cash rate) was published on February 23, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 12 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published January 5, 2004)

The THB-THBFIX-Reuters Definitions were published on January 5, 2004 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 11 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published December 26, 2003)

The KRW Definitions were published on December 26, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 10 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(published December 18, 2003)

The TWD Definitions were published on December 18, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 9 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
(revised version published December 15, 2003 includes amendments to Section 1.5)

The INR Definitions were published on December 15, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions

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Supplement number 8 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published August 4, 2003)

The CAD-CORRA-OIS-COMPOUND Definition was published on August 04, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 7 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published April 3, 2003)

The JPY-TONA-OIS-COMPOUND Definition was published on April 03, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 6 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published April 3, 2003)

The USD-Federal Funds-H.15-OIS-COMPOUND Definition was published on April 03, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 5 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions

The DKK-DKKOIS-OIS-COMPOUND Definition was published on April 03, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 4 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published April 3, 2003)

The SEK-SIOR-OIS-COMPOUND Definition was published on April 03, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 3 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published March 14, 2003)

The Slovak Koruna Rate Option Amendments were published on March 14, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 2 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published February 19, 2003)

The Rate cut-off Amendments were published on February 19, 2003 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Supplement number 1 to the 2000 ISDA Definitions and Annex to the 2000 ISDA  Definitions
(published August 14, 2002)

The Mexico Peso Floating Rate Option definition and side letter were published in August 2002 as an amendment to the 2000 ISDA Definitions and the Annex to the 2000 ISDA Definitions.

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Memo on migration of rate sources from Telerate to Reuters and implications for the 2000 ISDA Definitions
(published April 12, 2007)

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1991 ISDA Definitions and Supplements

1991 ISDA Definitions
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1998 Supplement to the 1991 ISDA Definitions
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MTM Matrix for Mark-to-market Currency Swaps, ISDA Settlement Matrix

Settlement Matrix for Early Termination for Cross-Currency Swaps

Matrix setting out the standard settlement currency for early termination for cross-currency swaps

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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.

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Supplement number 20 to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions

This supplement which incorporates the ISDA Settlement Matrix to the Definitions was published on January 3, 2005 as an amendment to the 2000 ISDA Definitions and Annex to the 2000 Definitions.

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Miscellaneous

Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation - Revised Standard Terms Supplement
(published March 14, 2017, effective on March 14, 2017)

The definition of HKDFIX= in the Standard Terms Supplement has been updated to reflect publication of the rate at 11:30 a.m. Hong Kong time

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Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation - Revised Fallback Matrix
(published September 6, 2016, effective on September 6, 2016)

The Fallback Matrix has been revised to amend the reference to MYR PPKM (MYR03) to MYR KL REF (MYR04). For further details of the change, please refer to "Annex A Amendment to Malaysian Ringgit Rate Source Definitions" published in the ISDA Bookstore under FX Derivatives.

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Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation - Revised Fallback Matrix
(published March 4, 2014, effective on March 28, 2014)
(Note: the Revised Fallback Matrix has been superseded by the document published September 6, 2016)

The Fallback Matrix has been revised to amend the reference to IDR VWAP (IDR03) to IDR JISDOR (IDR04) and further, to amend the Valuation Date Business Day city(ies) from Jakarta and Singapore to Jakarta only. This follows from the discontinuation of IDR VWAP (IDR03) with the last day of publication being March 27, 2014 announced by ABS Benchmarks Administration Co Pte. Ltd., in consultation with the Singapore Foreign Exchange Market Committee on February 18, 2014. For further details of the discontinuation, please refer to "2014 Multilateral Amendment Agreement for IDR Non-Deliverable FX and Currency Option Transactions, Non-Deliverable Swap Transactions and Certain Other Transactions" published in the ISDA Bookstore under FX Derivatives.

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Click here to view/download excel (format) - Revised Fallback Matrix
(Note: the Revised Fallback Matrix has been superseded by the document published September 6, 2016)


Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation
(published July 5, 2013, effective on August 6, 2013)

This template is designed to document non-deliverable interest rate swaps and cross-currency swaps (either fixed/floating or basis swaps) involving the following non-deliverable Asian Currencies: CNY, IDR, INR, KRW, MYR, PHP, PKR, TWD and THB. The Settlement Currency can be any one of USD, EUR, GBP, JPY, AUD, HKD and SGD. The template comprises of:
(a) the Standard Terms Supplement;
(b) the Fallback Matrix; and
(c) the Confirmation.

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 NDF and other relevant contracts referencing the SGD, THB, IDR or MYR spot rate benchmarks that are entered into on or after August 6, 2013 should reference (as applicable) the new spot rate benchmarks for SGD, THB or IDR or the existing onshore MYR spot rate benchmark.

This revision amends the references to the existing SGD, THB, IDR or MYR spot rate benchmarks to the corresponding new spot rate benchmarks for SGD, THB or IDR or to the existing onshore MYR spot rate benchmark and further, in respect of MYR, to amend the Valuation Date Business Day city(ies) from Kuala Lumpur and Singapore to Kuala Lumpur only. It also removes VND as the VND spot rate benchmark has ceased to be published.

Please note that the template is not designed to document arrears swaps and compounding swaps.

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(Note: the Revised Standard Terms Supplement has been superseded by the document published March 14, 2017)

Click here to view/download excel (format) - Revised Fallback Matrix
Click here to view/download word (format) - Revised Confirmation
(Note: the Revised Confirmation has been superseded by the document published March 14, 2017)


Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation
(published December 5, 2011)

The Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement amends the Business Days for Settlement Dates provision. It provides that in the event that the Valuation Date relating to a Settlement Date is adjusted in accordance with the Following Business Day Convention due to the occurrence of an Unscheduled Holiday, the Business Days for the purpose only of adjusting that Settlement Date will be limited to the relevant Settlement Currency City. For convenience, a revised version of the Confirmation is also published (there is no change to the Confirmation template other than the date of publication).

The Amendment to the Confirmation for Non-Deliverable Swap Transaction allows parties to bilaterally amend their existing Confirmations for Non-Deliverable Swap Transactions to incorporate the Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement.

Please note that the template is not designed to document arrears swaps and compounding swaps.

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Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Fallback Matrix
(published October 19, 2009)

This template is designed to document non-deliverable interest rate swaps and cross-currency swaps (either fixed/floating or basis swaps) involving the following non-deliverable Asian Currencies: CNY, IDR, INR, KRW, MYR, PHP, PKR, TWD, VND and THB.  The Settlement Currency can be any one of USD, EUR, GBP, JPY, AUD, HKD and SGD. The template comprises of:

(a) the Standard Terms Supplement;
(b) the Fallback Matrix; and
(c) the Confirmation.

Please note that the template is not designed to document arrears swaps and compounding swaps.

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Click here to view/download word (format) - Confirmation


Recommended EMTA-ISDA Market Practice for BRL CDI Non-Deliverable Interest Rate Swap Transactions
(published June 25, 2008)

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Bi-lateral Form of Amendment for NDS Transactions
(published March 22, 2005)

This Bi-lateral Form of Amendment for NDS Transactions for currencies CNY, KRW, IDR, INR, PHP and TWD, is intended for use to facilitate in the inclusion of the new NDS terms for NDS transactions entered into prior to the publication of the revised Confirmation published by ISDA on November 24, 2004.

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Confirmation of Cross-Currency Interest Rate Swap Transaction (Non-deliverable)
(published on November 24, 2004)

This Confirmation is intended to be used in connection with non-deliverable cross-currency interest rate swap transactions.

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Confirmation of Cross-Currency Interest Rate Swap Transaction (Non-deliverable)

(Please note: This document is updated by the November 24, 2004 version above)

This Confirmation is intended to be used in connection with non-deliverable cross-currency interest rate swap transactions.

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Actual/Actual Day Count Fraction
Paper for Use with the ISDA Market Conventions Survey dated June 3, 1999.

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NCU Supplement

Currencies of member states of the European Union that adopted the euro as their new currency on January 1, 1999 had their national currencies cease to exist as currencies in their own right. Instead, for a limited transition period prior to their final disappearance on December 31, 2001, these currencies existed as distinct units of the euro ("national currency units"). Terms relating to national currency units are not reflected in the 2000 Definitions. However, ISDA has published the NCU Supplement to the 2000 Definitions (the "NCU Supplement") for use by parties that wish to document transactions involving one or more national currency units.

The NCU Supplement contains definitions of the various national currency units, together with certain other provisions, including associated business day definitions, that may be relevant to transactions involving national currency units. The NCU Supplement does not contain definitions for any national currency unit floating rate options. Parties that wish to specify a national currency unit floating rate option (to the extent that such floating rate options are still being published) may wish to define that floating rate option in their confirmation or specify a floating rate option by reference to the 1998 Supplement to the 1991 ISDA Definitions.

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