This page will be updated on a regular basis as relevant information becomes available globally and will serve as the central repository for information from ISDA relating to COVID-19.  If you have publicly available information relating to any market closure or disruption, or any questions in relation to these matters, please email: Covid19.MemberContact@isda.org.

Disclaimer: The following is provided for information purposes only and should not be relied upon for any purpose. ISDA provides no assurance that it contains a complete, accurate or up-to-date list of announcements or publications with respect to the subject matter. Members should conduct their own due diligence on the matters discussed and consult with their professional advisers to the extent they deem necessary.

This page is in six parts:

1.            Recent Updates

2.            ISDA Member Calls/Webinars/Virtual Conferences

3.            Market Closure Information and Related ISDA Guidance

4.            Legal Opinions

5.            Regulatory Relief

6.            Other Useful Information


1. Recent Updates: 

October 22, 2020

Version 16 of the Global Jurisdiction Monitor on Emergency Insolvency and Short-Selling Legislation published (see section 4, Legal Opinions, Global Monitor and other information, for more information).

August 7, 2020

The Kazakhstan Stock Exchange (KASE) informs that trading until August 14, 2020 will be conducted until 3pm, Nur-Sultan time (see section 3 for more information).

 

2. ISDA Member Call(s)/Webinars/Virtual Conferences Relating to COVID
Date Overview Link to Event
June 10, 2020 ISDA Virtual Conference: COVID-19 and the Impact on Derivatives Event details
April 16, 2020 ISDA Webinar – COVID-19 and Electronic Execution Call recording
March 25, 2020 Second ISDA COVID-19 Legal update call Call recording
March 4, 2020 Points to consider in relation to derivatives documentation and the potential impact of the novel coronavirus (COVID-19) Call recording

 

3. Market Closures

Any material relating to Market Closures will be posted here.  ISDA will continue to monitor markets and events closely, in conjunction with relevant local counsel.  Should we become aware of an issue that we need to bring to the membership’s attention, we will post a notice on our website and schedule member calls at relevant hours.  ISDA is aware that some market infrastructure providers are taking steps to help reduce the spread of coronavirus, such as closing their open outcry venues and moving all trading to electronic modes. To date, members have not made ISDA aware of any specific concerns arising from these changes.

Date Overview
August 7, 2020 The Kazakhstan Stock Exchange (KASE) informs that trading until August 14, 2020 will be conducted until 3pm, Nur-Sultan time. Trading on KASE will be conducted in all financial instruments admitted to trading on the foreign exchange, money and stock markets, and the derivatives market (link).
July 2, 2020 The Bank of Thailand declared an additional holiday falling on July 27, 2020 as a substitute holiday for financial institutions and specialised financial institutions (link). As a result, the Stock Exchange of Thailand revised their trading schedule accordingly (link).
June 3, 2020 The Moscow Exchange (MOEX) announced that 24 June and 1 July 2020 will be non-trading days on all MOEX markets as these days have been announced as non-business days (link).
May 28, 2020 The Dhaka Stock Exchange and the Chittagong Stock Exchange resumed trading operations effective 31st May 2020, as per the notice by the Bangladesh Securities and Exchange Commission (see local language announcement here).
May 25, 2020 The Colombo Stock Exchange (CSE) has resumed trading and announced that, in view of the amended curfew announced by the Government of Sri Lanka, the CSE will extend its trading hours from Tuesday 26th May 2020 as specified in the following notice.
April 3, 2020 The Stock Exchange of Mauritius Ltd (SEM) and the Central Depository & Settlement Co. Ltd (CDS) informed that on 3 April 2020 the Financial Services Commission (FSC) has revoked the order of temporary cessation of the operations of the SEM. Trading and settlement activities on SEM and CDS will therefore resume on Monday 6 April 2020, subject to certain conditions, as specified in the following notice.
March 25, 2020 ISDA understands that the Government of Bangladesh has declared a public holiday effective from 29th March to 2nd April, thereby extending the scheduled public holiday such that it runs from 26th March to 4th April 2020. Local language announcements are available here: [Link 1]; [Link 2]; [Link 3]. ISDA’s understanding is that, while local banks are expected to remain open (with restricted hours) for certain business on the newly declared days, the Bangladesh Securities and Exchange Commission, the Dhaka Stock Exchange and Chittagong Stock Exchange may be closed. No specific member call is currently scheduled in relation to this announcement and, to date, there has not been sufficient member demand for guidance to be published. If you have information pertaining to the above or would like ISDA to convene a member call to discuss it further, please e-mail ISDA at the email address listed at the top of the page.
March 20, 2020 The London Metal Exchange (LME) announced it will be temporarily suspending Ring trading and will move to fully electronic pricing on Monday 23 March 2020 until further notice. During this period, trading will be conducted via LMESelect and inter-office market.
March 17, 2020 Philippines Market Closure
March 16, 2020 Jordan: Closure of Amman Stock Exchange from 17 March until further notice
March 13, 2020 CBOE Global Markets, Inc. (CBOE) announced it will be closing the CBOE Options (C1) trading floor in Chicago, effective March 16, 2020 until further notice. Trading on C1 will continue to be available in an electronic-only trading mode until further notice.
January 30, 2020 Market Closure Announcement – Chinese New Year

In addition the above closures, local counsel in Argentina informed ISDA that Argentina’s Central Bank has declared March 16, 2020 – March 31, 2020 as “non-business days” (Resolution No. 117, dated March 19, 2020). ISDA is investigating the intended scope of this declaration with local counsel and will post further relevant information here as it becomes available.

 

Electronic Contract Opinions
ISDA has published opinions on the enforceability of electronically executed and electronically confirmed contracts under the laws of various jurisdictions which may be entered into by means of electronic data interchange or other means of electronic communication. The opinions are available here.

ISDA held a webinar on electronic execution on April 16, a copy of the recording is available above under part 2.

COVID-19 – Global Jurisdiction Monitor on Emergency Insolvency and Short-Selling Legislation
ISDA is surveying the status of emergency insolvency legislation as well as short-selling regulations in over 90 jurisdictions worldwide that are covered by ISDA legal opinion and informal country updates. The monitor is updated on a regular basis.

Notices Under the ISDA Master Agreement in the Context of COVID-19
ISDA members have raised questions related to potential scenarios where Covid-19 related global office closures might impact the ability to provide notice under ISDA’s Master Agreements.  In response to these queries, ISDA’s counsel considered these scenarios during calls with ISDA members held on March 4, 2020 and March 25, 2020 (see Section 2 above).  Following the calls, ISDA has commissioned a memorandum, available to ISDA members, to assist them in analyzing how, under both English and New York law, notices may be given pursuant to the ISDA 2002 Master Agreement or the 1992 ISDA Master Agreement in the context of global office closures related to Covid-19, available here.

 

5. Regulatory Relief
Region Date Overview
U.S. May 28, 2020 CFTC Approves Interim Final Rule: Deferring Phase 5 of IM Requirements in Light of COVID-19
U.S. April 24, 2020 CFTC Provides Additional Relief to Market Participants in Response to COVID-19
U.S. April 23, 2020 NFA Coronavirus (COVID-19) Update—Regulatory Relief for FCMs and IBs
U.S. April 23, 2020 CFTC Provides Further Relief to Market Participants in Response to COVID-19
Europe April 16, 2020

ECB Banking Supervision provides temporary relief for capital requirements for market risk

Asia Pacific April 10, 2020
Asia Pacific April 8, 2020
U.S. March 31, 2020
Asia Pacific March 31, 2020
Asia Pacific March 31, 2020
U.S. March 26, 2020
U.S. March 26, 2020 NFA Coronavirus (COVID-19) Update—Regulatory Relief for IBs
Asia Pacific March 26, 2020 MOEF announce FX stability rules to be eased
U.S. March 23, 2020 NFA Coronavirus (COVID-19) Update–Regulatory Relief for CPOs and CTAs
U.S. March 20, 2020 TW-SEF – Market Regulation Advisory Notice
U.S. March 20, 2020 DW-SEF – Market Regulation Advisory Notice
U.S. March 20, 2020 CFTC Issues Third Wave of Relief to Market Participants in Response to COVID-19
U.S. March 18, 2020 NFA Coronavirus Update – Regulatory Relief
U.S. March 17, 2020 CFTC Issues Second Wave of Relief to Market Participants in Response to COVID-19
U.S. March 17, 2020 CFTC Provides Relief to Market Participants in Response to COVID-19

 

6. Other Useful Information

The information below is grouped by region. Please scroll down to see all available information.

Global
Date Overview
June 9, 2020 Video Interview with ISDA CEO Scott O’Malia: What’s Next for Derivatives Markets?
May 26, 2020
May 11, 2020 Seismic Shift – IQ: ISDA Quarterly May 2020
April 15, 2020 FSB publishes report on international cooperation to address the financial stability implications of COVID-19
April 14, 2020 FSB Chair updates Finance Ministers and Central Bank Governors on COVID-19 response
April 10, 2020 ISDA-IIF Letter to G-20 Finance Ministers and Central Bank Governors on Dollar Funding
April 3, 2020 Basel Committee sets out additional measures to alleviate the impact of Covid-19
April 3, 2020 Basel Committee and IOSCO announce deferral of final implementation phases of the margin requirements for non-centrally cleared derivatives
April 3, 2020

BCBS/IOSCO Report: Margin requirements for non-centrally cleared derivatives

April 3, 2020 Accounting and Tax – IOSCO Statement on Application of Accounting Standards during the COVID-19 Outbreak
April 2, 2020 FSB members take action to ensure continuity of critical financial services functions
March 27, 2020 Accounting and Tax – COVID 19: IASB Publishes an Educational Document on the Application of IFRS 9 on Periods of Economic Uncertainty
March 27, 2020 BCBS Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19
March 26, 2020 Global Foreign Exchange Committee Issues Statement on FX Market Conditions
March 25, 2020 Securities regulators coordinate responses to COVID-19 through IOSCO
March 25, 2020 Joint Trade Association Letter on Impact of COVID-19 on Initial Margin Phase-In
March 20, 2020 Basel Committee coordinates policy and supervisory response to COVID-19
March 20, 2020 ISDA letter re: Maintaining market access during jurisdictional responses to the corona virus

 

U.S.
Date Overview
Ongoing New York Fed Launches Resource Hub for Coronavirus
Ongoing SEC Coronavirus (COVID-19) Response
Ongoing Accounting and Tax – FASB -The FASB staff will continue to monitor questions and communicate with stakeholders as appropriate. Information is available at www.fasb.org/covid19 and also here.
May 13, 2020 CFTC Letter No. 201-17: Staff Advisory on Risk Management and Market Integrity under Current Market Conditions
May 1, 2020 Accounting and Tax – ISDA Letter to the SEC requesting relief from certain requirements of ASC 815 Derivatives and Hedging
May 1, 2020 Accounting and Tax – SEC – Relief from Certain Requirements of ASC 815 Derivatives and Hedging
April 2020 Accounting and Tax – FASB – Cash Flow Hedge Accounting Affected by the Covid-19 Pandemic
April 24, 2020 SEC Forms Cross-Divisional COVID-19 Market Monitoring Group
April 10, 2020 CFTC Extends Certain Comment Periods in Response to COVID-19
April 2, 2020 US agencies will consider comments on Volcker rule modifications following expiration of comment period
April 1, 2020 Federal Reserve Board announces temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to provide credit to households and businesses
March 27, 2020 Accounting and Tax – FED – Money Market Mutual Fund Liquidity Facility FAQs
March 27, 2020 Accounting and Tax – FED – Agencies announce two actions to support lending to households and businesses
March 27, 2020 US Federal Agencies announce two actions to support lending to households and businesses
March 27, 2020 IQ: ISDA Quarterly Interview with CFTC Chairman Heath Tarbert
March 26, 2020 Statement of CFTC Chairman Heath P. Tarbert Before the COVID-19 FSOC Principals Meeting
March 25, 2020  Accounting and Tax – SEC – Division of Corporation Finance Securities and Exchange Commission CF Disclosure Guidance
March 23, 2020 FINRA Regulatory Operations Update
March 22, 2020 Accounting and Tax – FDIC – Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus
March 20, 2020 CME Group announces auction of clearing firm Ronin Capital’s portfolios
March 20, 2020 Tradeweb: TW SEF and DW SEF COVID-19-related CFTC Filing an Notifications
March 19, 2020 Accounting and Tax – FDIC – FAQs for Financial Institutions and Consumers Affected by the Coronavirus
March 19, 2020 Accounting and Tax – FDIC Letter – Request for Delay in Transitions to the Exclusions from Certain Accounting
March 19, 2020 Joint Association response re: Need for Joint Statement on Keeping U.S. Markets Open
March 19, 2020 Federal Reserve announces the establishment of temporary U.S. dollar liquidity arrangements with other central banks
March 16, 2020 SEC coronavirus (Covid-19) response
March 13, 2020 NFA notice to members: Coronavirus update—NFA branch office requirements
March 12, 2020 NFA notice to members: Information on CFTC regulatory reporting requirements
March 9, 2020 FINRA regulatory notice 20-08: Pandemic-related business continuity planning, guidance and regulatory relief
March 1, 2020 Actions the Fed Could Take in Response to COVID-19

 

Canada
Date Overview
April 9, 2020 OSFI announces support regarding the Basel Committee’s efforts to provide additional operational capacity for banks and supervisors to respond to the immediate financial stability priorities by delaying Phase 5 and 6 IM requirements
March 27, 2020 OSFI Actions to Address Operational Issues Stemming from COVID-19
March 13, 2020 OSFI announces measures to support the resilience of financial institutions

 

Europe
Date Overview
May 18, 2020 ESMA – Non-renewal and termination of short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC, Italian CONSOB and Spanish CNMV
May 6, 2020 Turkey: Update by Turkish counsel on TRY transaction limits during the Covid19 situation
May 4, 2020 ESAs (EBA, ESMA and EIOPA) joint RTS on amendments to the bilateral margin requirements under EMIR in response to the COVID-19 outbreak
April 28, 2020 EC Proposal for a Regulation of the European Parliament and of the Council amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards adjustments in response to the COVID-19 pandemic
April 28, 2020 EC Interpretative Communication on the application of the accounting and prudential frameworks to facilitate EU bank lending Supporting businesses and households amid COVID-19
April 24, 2020 Russia: Note from Russian counsel on the effects on derivatives transactions of the latest amendments to the Covid19-related moratoria
April 24, 2020 Czech Rep: Note by Czech counsel on the expansion of CNB trading activities
April 22, 2020 EBA provides further guidance on the use of flexibility in relation to COVID-19 and calls for heightened attention to risks
April 15, 2020 EU ESMA issues positive opinions on short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC and Spanish CNMV
April 14, 2020 FINMA Guidance 04/2020: exemptions for supervised institutions due to the COVID-19 crisis
April 13, 2020 Turkey: Note from Turkish counsel regarding reduced exposure thresholds for swap transactions
April 3, 2020 The Moscow Exchange (MOEX) announced that during the month of April it will provide trading, clearing and settlement services in accordance with the procedures in place during the week beginning on 30 March 2020.
The MOEX had previously announced that the most needed trading, clearing and settlement services will be provided on the exchange. The MOEX had further noted that the main trading session on the Equity & Bond, Money, Commodities and Standartised OTC Derivatives Markets, as well as the main and evening trading sessions on the Derivatives, FX and Precious Metals Markets will be run according to the regular time schedule (link).
April 3, 2020 Czech Republic, Note from Czech counsel on the effects of the proposed insolvency amendments
April 2, 2020 EC extends consultation deadline for Review of the MiFID II/MiFIR regulatory framework
April 2, 2020 EBA guidelines on treatment of public and private moratoria for loan transactions
April 1, 2020 EBA provides additional clarity on measures to mitigate the impact of COVID-19 on the EU banking sector
March 26, 2020 France, Note from French counsel on moratoria and financial contracts in French Ordinance No 2020-306 of 25 March 2020
March 25, 2020 Accounting and Tax – EBA – Statement on the application of the prudential framework regarding Default, Forbearance and IFRS9 in light of COVID-19 measures
March 25, 2020 Accounting and Tax – ESMA – Accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9
March 20, 2020 ESMA clarifies position on call taping under MIFID II
March 19, 2020 Joint Trade Association letter regarding MIFID Consultations
March 19, 2020 Coronavirus crisis: ECB announces new asset purchase programme
March 16–19, 2020 Bans on short selling: France – AFM statement, Italy – CONSOB statement and FAQ, Belgium – FSMA statement, Austria – FMA statement and FAQ, Greece – HCMC statement, Spain – CNMV statement
March 18–19, 2020 Bans on short selling – FCA Statements: Belgium and Greece, Italy and Spain, France
March 18, 2020 ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
March 16, 2020 The Riksbank to increase asset purchases and take measures to facilitate credit supply
March 12, 2020 EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector
March 12, 2020 ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus

 

UK
Date Overview
May 14, 2020 Final industry comments on proposed exemptions for financial services in draft UK Corporate Governance and Insolvency Bill
May 7, 2020 FCA publishes Regulatory Initiatives Grid for the next 12 months
April 29, 2020 FCA: Further statement from the RFRWG on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans
April 22, 2020 Industry submission  and proposals to HM Treasury regarding the proposed changes to UK corporate insolvency law as part of the Covid19 emergency legislation
April 20, 2020 FCA expectations for wet-ink signatures in light of coronavirus (Covid-19) restrictions
April 6, 2020 Joint FCA and PRA statement: Senior Managers and Certification Regime (SM&CR) and coronavirus (Covid-19): Our expectations of dual-regulated firms
April 2, 2020 Bank of England extends response deadline for their discussion paper on Transforming Data Collection from the UK financial sector
April 2, 2020 Joint PRA and HMT statement on the delay to implementation of the Basel 3.1 standards
April 1, 2020 Letters from Sam Woods to UK deposit takers on dividend payments, share buybacks and cash bonuses
March 30, 2020 Temporary approach to VAR back-testing exceptions to mitigate the possibility of excessively pro-cyclical market risk capital requirements
March 30, 2020 Exposure value for internal models method counterparty risk
March 29, 2020 FCA – Work-related travel – responsibilities of Senior Managers
March 27, 2020 Accounting and Tax – Joint statement by the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA)
March 27, 2020 Accounting and Tax – FRC – Guidance for companies on Corporate Governance and Reporting
March 27, 2020 Accounting and Tax – Letter from Sam Woods ‘Covid-19: IFRS 9, capital requirements and loan covenants
March 27, 2020 Accounting and Tax – FRC – Guidance for Auditors and Matters to Consider Where Engagements Are Affected by Coronavirus (COVID-19)
March 26, 2020 Accounting and Tax – FCA – Statement of Policy: Delaying annual company accounts during the coronavirus crisis
March 25, 2020 FCA – Impact of the coronavirus on firms’ LIBOR transition plans
March 25, 2020 Joint UK FCA, Bank of England and Sterling Risk Free Rate Working Group statement on the impact of coronavirus on firms’ LIBOR transition plans
March 20, 2020 Accounting and Tax – Bank of England announces supervisory and prudential policy measures to address the challenges of COVID-19
March 20, 2020 FCA key workers in financial services
March 19, 2020 Monetary Policy Summary for the special Monetary Policy Committee meeting on 19 March 2020
March 19, 2020 Bank of England measures to respond to the economic shock from Covid-19
March 17, 2020 LSE Statement on short selling
March 17, 2020 FCA information for firms on coronavirus (Covid-19) response
March 17, 2020 FCA Primary Market Bulletin Issue No. 27 – Coronavirus update (March 17, 2020)
March 11, 2020 Bank of England measures to respond to the economic shock from Covid-19

 

Asia Pacific
Date Overview
May 25, 2020 HKMA circular: Additional measures to alleviate the impact of COVID-19
May 18, 2020 APRA Banking COVID-19 Frequently Asked Questions
May 18, 2020 RBI: Risk Management and Inter-bank Dealings – Hedging of Foreign Exchange Risk-Date of Implementation
May 7, 2020 SFC: Circular to licensed corporations: Margin requirements for non-centrally cleared OTC derivative transactions
May 6, 2020 FSC: Margin Requirements for Non-centrally Cleared OTC Derivatives to be Postponed for One Year
May 1, 2020 India: Guidelines to be taken from the Ministry of Home Affairs and SEBI Notification
April 17, 2020 Financial authorities announce temporary deregulatory measures on financial institutions’ capital adequacy, liquidity and asset quality requirements amid COVID-19
April 16, 2020 SEC announce mandatory grace period for loans during extended enhanced community quarantine
April 16, 2020 APRA announces new commencement dates for prudential and reporting standards
April 13, 2020 Authorities recommend flexibility in accounting standards amid COVID-19 crisis
April 9, 2020 Financial authorities work to ensure strong support for corporate bond issuance
April 8, 2020 BSP grants relief to reduce impact of mark-to-market losses
April 8, 2020 MAS Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts
April 7, 2020 MAS adjusts selected regulatory requirements and supervisory programs in response to the COVID-19 pandemic
April 6, 2020 FSC statement on policies aimed at helping business and markets amid the COVID-19 crisis
April 3, 2020 HKMA and the banking sector join forces to help Hong Kong’s economy overcome the outbreak of COVID-19
April 3, 2020 HKMA announces liquidity measures in response to COVID-19 outbreak
April 3, 2020 Reserve Bank of India announces adjustments to market hours
April 1, 2020 RBI announces further measures for dealing with the COVID-19 pandemic
March 31, 2020 Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore
March 31, 2020 SFC issues FAQs on licensing related matters in light of the COVID-19 pandemic
March 31, 2020 Financial authorities and industry associations adopt loan deferment guidelines for SMEs and small merchants hit by COVID-19
March 31, 2020 Deferral of Basel III implementation and HKMA’s supervisory actions in response to Covid-19
March 30, 2020 APRA announces deferral of capital reform implementation
March 30, 2020 Implementation of capital adequacy regulations in Japan (Japanese only)
March 29, 2020 BoK to provide US dollar funding using the proceeds of swap transactions with US Federal Reserve
March 27, 2020 India – Basel III Capital Regulations- Review of transitional arrangements
March 26, 2020 SEC starts accreditation of essential workforce for capital markets
March 24, 2020 Government unveils financial market stabilization measures
March 24, 2020 Bank Indonesia announces adjustments to market hours
March 20, 2020 Malaysia – Measures to Assist Individuals, SMEs and Corporates Affected by COVID-19
March 19, 2020 APRA adjusts bank capital expectations
March 19, 2020 Statement by Philip Lowe, Governor: Monetary Policy Decision
March 19, 2020 MAS Announces US$60 Billion Swap Facility with the US Federal Reserve as part of Coordinated Central Bank Actions
March 18, 2020 Bank of Thailand Announcement of Holidays Cancellation on April 13-15, 2020 for Financial Institutions and Specialized Financial Institutions
March 16, 2020 Enhancement of Monetary Easing in Light of the Impact of the Outbreak of the Novel Coronavirus (COVID-19)
March 16, 2020 The HKMA’s Response to US Fed’s Rate Cut

Documents (0) for COVID-19 Updates