Previous communications from ISDA regarding implementation of the 2014 ISDA Credit Derivatives Definitions (the “2014 Definitions”) have indicated that the 2014 Definitions would not apply via a Protocol to existing transactions on sovereign and financial Reference Entities, and so those transactions would remain on the 2003 ISDA Credit Derivatives Definitions (the “2003 Definitions”). Based on member feedback during the consultation phase on the draft Protocol, an alternative approach has been requested for certain emerging market regions. This change has implications for existing transactions as at September 22, 2014 (“Legacy Transactions”) and new trades from that date forward (“New Transactions”). (Updated August 21, 2014)
Documents (1) for FAQ: 2014 ISDA Credit Derivatives Definitions Protocol and Implementation for Emerging Market Regions
Latest
Credit Derivatives Trading Activity Q2 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
ISDA Trading and Treasury Forum: CEO Remarks
ISDA Derivatives Trading and Treasury Forum London, September 16, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the ISDA Derivatives Trading and Treasury Forum. Thank you to CME Group for partnering with us...
Recognition of Cross-product Netting is Critical
US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...
ISDA, GFXD Response to FCA on SI Regime
On September 10, ISDA and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association responded to the Financial Conduct Authority's (FCA) consultation paper CP25/20 on the systematic internalizer (SI) regime for derivatives and bonds. ISDA and the...