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
A Global Blueprint for Market Risk Reform
The global financial crisis of 2007-2009 exposed fundamental weaknesses in how banks measured and managed risk, and the repercussions were felt by economies all over the world. In response, policymakers sought to rebuild trust and resilience in the global financial...
SwapsInfo Q3 2025 and Year-to-September 30, 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the third quarter of 2025 compared with the same period in 2024, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by more than...
ISDA Extends Saudi Arabia Netting Opinions
ISDA has extended its netting opinions for Saudi Arabia to cover regulations published by the Capital Market Authority (CMA) earlier this year that recognize the enforceability of close-out netting. The CMA regulations were published in July, and follow similar rules...
ISDA Publishes ISDA SIMM® Methodology, Version 2.8+2506
ISDA has published the ISDA SIMM® Methodology, version 2.8+2506, which is effective from December 6, 2025. This version of the SIMM includes updates based on the calibration of the main delta risk weights and other parameters using data up to...