This section of the ISDA website is a hub for links to key information and ISDA’s work regarding FX Derivatives – including documentation, market structure, public policy, research, market practices, guidance notes and educational materials.

ISDA’s FX Derivatives working groups:
ISDA conducts work on FX Derivatives issues though a variety of working groups; however, there are three specific working groups focused on this asset class:

• ISDA FX Legal Steering Committee
• ISDA FX Operations Group
• ISDA FX Definitions Update Group
• ISDA FX Definitions Implementation Steering Committee
• ISDA FX Novations Subgroup

To request to join an ISDA working group: (1) Create an account on the ISDA website; and (2) After you create an account, log in and go to the Committees section to view your ISDA Committee Dashboard. You can request to join and leave working groups and distribution lists.

Links to key FX Derivatives infrastructures/documentation:

• 1998 FX and Currency Option Definitions (the “FX Definitions”), including Annex A
• Supplements to the FX Definitions
• Additional Provisions to the FX Definitions
• Market Closure InfoHub

News on current FX Derivatives initiatives:

• FX Definitions Update Initiative – ISDA is conducting an initiative aimed at updating the 1998 FX Definitions. The drafting stage is expected to run from 2024 until late 2025 and the industry adoption phase is expected to run from late 2025 until November 2027. For more information please visit the ISDA FX Definitions Update InfoHub or join the ISDA FX Definitions Update Group.
• FX Definitions Implementation – ISDA started addressing implementation matters with members of the ISDA FX Operations Group. The level of focus around industry adoption and system/market infrastructure implementation is going to increase as the drafting phase concludes at the end of 2025. For more information please visit the ISDA FX Definitions Update InfoHub or join the ISDA FX Operations Group.

If you have any questions or would like additional information in relation to these matters, please email: ISDADerivativeProductsAndInfrastructure@isda.org.