On November 25, 2019, ISDA wrote to European authorities to request an extension to regulatory technical standards (RTS) related to novation, in order to avoid expiry at the end of the year. The novation RTS allows counterparties, in the event of a ‘no-deal Brexit’, to novate their contracts from the UK to an EU counterparty without triggering clearing or margining requirements for 12 months. The novation RTS requires extending to keep pace with the ongoing Brexit delays.
Click on the attached PDF to read the letter in full.
Documents (1) for ISDA Requests Extension of Relief on Brexit-related Novations
Latest
LSEG's TradeAgent Integrates ISDA DRR
ISDA has announced that LSEG has integrated ISDA’s Digital Regulatory Reporting (DRR) solution into its Post Trade Solutions business, TradeAgent, representing a significant milestone in the industry deployment of the ISDA DRR. The ISDA DRR converts an industry-agreed interpretation of...
Global FX Derivatives Market Overview
Global FX derivatives average daily turnover reached $6.6 trillion in April 2025, roughly double its level in April 2013. While FX swaps remain the largest segment in absolute terms, recent growth has been driven by outright forwards and FX options,...
Safe, Efficient Markets for SFTs
Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...
ISDA, GFXD, UK Finance, LMA Respond to HMT on UK BMR Reform
On March 11, ISDA, the Global Foreign Exchange Division of the Global Financial Markets Association, UK Finance and the Loan Market Association responded jointly to a consultation from His Majesty’s Treasury on the future regulatory regime for benchmarks and benchmark...