Following the Capital Requirements Directive (CRD) 5 legislative package proposed by the European Commission (EC) in November 2016, ISDA and AFME assessed the main aspects and the potential impacts of the proposed Capital Framework for Trading Activities in line with the Fundamental Review of the Trading Book (FRTB). While the Industry is supportive of the trading book review which is an enhancement to the current framework, it considers crucial addressing a number of important design and calibration questions in order avoid a disproportionate and unjustified increase in capital requirements.
Documents (1) for CRD5: The Capital Framework for Trading Activities (Market Risk)
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ISDA In Review – August 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2026.
Remove Bureaucracy from Cross-margin Approvals
Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...
Joint Response on CCP Resolution
On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...