ISDA Response to ESMA and EC on Proposed Technical Standards on Brexit-related Novations

ISDA sent a letter to ESMA and the European Commission commenting on the proposed technical standards on Brexit-related novations. ISDA welcomes these standards that seek to give relief from the margining and clearing requirements to OTC derivative contracts that are transferred (novated) from a UK to an EU counterparty.  However, the fact that the relief is contingent on the event of a no-deal Brexit makes it operationally difficult for firms to enter into agreements to novate contracts. We have concerns that EU counterparties are therefore required to wait until closer to exit day before carrying out the novations.

Documents (1) for ISDA Response to ESMA and EC on Proposed Technical Standards on Brexit-related Novations

SwapsInfo

ISDA SwapsInfo enhances transparency in the over-the-counter (OTC) derivatives markets by transforming publicly available data into user-friendly, interactive tools. It provides clear, accessible insights into trading volumes for interest rate derivatives (IRD) and credit derivatives. Users can easily chart, analyze,...

ISDA Response to EC on Environmental Legislation

On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...

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...