International Swaps and Derivatives Association

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Welcome to ISDA

ISDA fosters safe and efficient derivatives markets to facilitate effective risk management for all users of derivatives products. ISDA achieves its mission by representing all market participants globally, promoting high standards of commercial conduct that enhance market integrity, and leading industry action on derivatives issues.

More about ISDA

Marking a Milestone – IQ January 2025

It was a different time and a very different market, but 1985 remains a seminal year in the history of over-the-counter (OTC) derivatives – the year that ISDA was established and the very first industry standard document was published. While modest in its scope and ambitions, the Code of Standard Wording, Assumptions and Provisions for Swaps (Code of SWAPS) put in place a new status quo, based on the recognition that collaboration was the best way to solve shared industry challenges. Forty...

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ISDA Solutions InfoHub

The ISDA Solutions InfoHub integrates ISDA’s full suite of mutualized digital solutions, covering legal, data and risk. Each solution is designed to help firms standardize, optimize and automate key aspects of the derivatives process cost-effectively and at scale.

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The Value of OTC Derivatives: Empowering Organizations to Manage Risks, Enhance Returns and Optimize Liquidity

The over-the-counter (OTC) derivatives market is a cornerstone of the global financial system, enabling corporations, governments and financial institutions around the world to manage risk, enhance returns, optimize liquidity and efficiently allocate capital. This creates value for users by fostering predictability, reducing costs, protecting against losses and dampening the impact of volatility on earnings – in turn, generating value for the broader economy by bringing greater stability...

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The Swap

Apr 23, 2025

Episode 50: The Value of Derivatives

< 1 min.read

Speeches & testimony

Apr 8, 2025

Scott O'Malia Testimony on US Treasury Clearing

< 1 min.read

Capital

Apr 4, 2025

Cross-product Netting Under US Capital Rules

< 1 min.read

Spotlight

The Value of OTC Derivatives

The over-the-counter (OTC) derivatives market is a cornerstone of the global financial system, enabling corporations, governments and financial institutions around...

ISDA Animation Video: The Value of Derivatives

Derivatives give companies the ability to raise financing at the best rate and manage their risks, enabling those firms to...

ISDA Publishes Close Out Framework

ISDA has published a new interactive digital framework that market participants can use to help prepare for potential terminations of...

The International Swaps and Derivatives Association (ISDA) fosters safe and efficient derivatives markets to facilitate effective risk management for all users of derivatives products. ISDA has over 1,000 member institutions from 76 countries, encompassing a wide range of market participants. These include corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. ISDA membership also includes key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses, trade repositories, law firms, accounting firms and other service providers. Membership is categorized into three types: Primary (dealer firms); Associate (service providers); and Subscriber (end users).

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ISDA Bookstore

ISDA Digital Asset Derivatives Definitions

2021 ISDA Interest Rate Derivatives Definitions

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Latest

Response on Commodity Derivatives Markets

On April 22, ISDA and FIA submitted a joint response to the European Commission’s (EC) consultation on the functioning of commodity derivatives markets and certain aspects relating to spot energy markets. In addition to questions on position management, reporting and...

Episode 50: The Value of Derivatives

A new report from ISDA shows that companies all over the world use derivatives to alleviate uncertainty, transfer risk and enhance profitability. ISDA discusses the findings with Boston Consulting Group’s Roy Choudhury. Please view this page via Chrome to access...

ISDA/IIF Response to EC Market Risk Consultation

On February 22, ISDA and the Institute of International Finance (IIF) submitted a joint response to the European Commission’s (EC) consultation on the application of the market risk prudential framework. The associations believe the capital framework should be risk-appropriate and...

ISDA Submits Letter on Environmental Credits

On April 15, ISDA submitted a response to the Financial Accounting Standards Board’s (FASB) consultation on environmental credits and environmental credit obligations. The response supports the FASB’s overall proposals to establish clear and consistent accounting guidance for environmental credits, but...

Four Reforms for Successful US Treasury Clearing

The US Treasury market is the world’s biggest and most systemically important market. It’s the oil that keeps the wheels of the global financial system turning and is the primary means by which the US government raises funding. It’s therefore...

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