Best practice to remedy Swap Dealer (SD) trade bookings and reporting by the relevant Reporting Counterparty under the CFTC’s P43 and P45 rules for edge cases, where a client executes a new trade either on or off-facility, and then advises the SD that the trade is actually an unwind or novation of a pre-existing bilateral trade and requests that the SD remedy in accordance with their intention.
Documents (1) for Best Practice: Reporting Unwinds and Novations as New Trades
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SwapsInfo H1 2025 and Q2 2025
Interest rate derivatives (IRD) trading activity increased in the first half of 2025, driven by continued interest rate volatility, evolving central bank policy expectations and persistent macroeconomic uncertainty. Trading in index credit derivatives also rose, as market participants responded to...
ISDA Response to IFSCA Consultation
On August 5, ISDA responded to the International Financial Services Centres Authority’s (IFSCA) consultation on reporting and clearing of over-the-counter (OTC) derivatives contracts booked in International Financial Services Centres (IFSC). In the response, ISDA provided the following recommendations: Not mandating...
ISDA Response to BIS on Tokenization
On July 30, ISDA submitted a response to a Bank for International Settlements (BIS) consultation on leveraging tokenization for payments and financial transactions. In the response, ISDA focused on the legal, regulatory and documentation issues relevant to the derivatives market,...
ISDA In Review – July 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in July 2025.