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 four parts:

1.            Recent updates

2.            ISDA Member calls

3.            Market closure information and related ISDA guidance

4.            Electronic Contracts Opinions

5.            Other useful information


1. Recent updates: 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 (please see Section 5 below for further details)

US Federal Agencies announce two actions to support lending to households and businesses (please see Section 5 below for further details)

IQ: ISDA Quarterly Interview with CFTC Chairman Heath Tarbert (please see Section 5 below to read full article)

March 26, 2020:

Statement of CFTC Chairman Heath P. Tarbert Before the COVID-19 FSOC Principals Meeting (please see Section 5 below for further details)

France, Note from French counsel on moratoria and financial contracts in French Ordinance No 2020-306 of 25 March 2020 (please see Section 5 below for further details)

NFA Coronavirus (COVID-19) Update—Regulatory Relief for IBs (please see Section 5 below for further details)

 

2. ISDA Member call(s) relating to COVID

Date Overview Link to Call
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
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 is liaising with local counsel in order to understand more about the impact on financial markets in Bangladesh but its current 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 Covid19.MemberContact@isda.org, jgu@isda.org, jmartin@isda.org and rsandilands@isda.org
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 20, 2020 The Stock Exchange of Mauritius Ltd (SEM) and the Central Depository & Settlement Co. Ltd (CDS) notice of Government decree of a lockdown at country-level resulting in no trading on the SEM from today March 20, 2020.
March 17, 2020 Philippines Market Closure
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.

 

4. Electronic Contracts 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.

 

5. Other Useful Information

Region Date Overview
Regulatory Relief
U.S. March 26, 2020
U.S. March 23, 2020 NFA Coronavirus (COVID-19) Update–Regulatory Relief for CPOs and CTAs
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
Other
U.S. Ongoing New York Fed Launches Resource Hub for Coronavirus
U.S. Ongoing SEC Coronavirus (COVID-19) Response
U.S. March 27, 2020 US Federal Agencies announce two actions to support lending to households and businesses
U.S. March 27, 2020 IQ: ISDA Quarterly Interview with CFTC Chairman Heath Tarbert
U.S. March 26, 2020 Statement of CFTC Chairman Heath P. Tarbert Before the COVID-19 FSOC Principals Meeting
U.S. March 23, 2020 FINRA Regulatory Operations Update
U.S. March 20, 2020 CME Group announces auction of clearing firm Ronin Capital’s portfolios
U.S. March 20, 2020 Tradeweb: TW SEF and DW SEF COVID-19-related CFTC Filing an Notifications
U.S. March 19, 2020 Accounting and Tax – FDIC Letter – Request for Delay in Transitions to the Exclusions from Certain Accounting
U.S. March 19, 2020 Joint Association response reg: Need for Joint Statement on Keeping U.S. Markets Open
U.S. March 19, 2020 Federal Reserve announces the establishment of temporary U.S. dollar liquidity arrangements with other central banks
U.S. March 16, 2020 SEC coronavirus (Covid-19) response
U.S. March 13, 2020 NFA notice to members: Coronavirus update—NFA branch office requirements
U.S. March 12, 2020 NFA notice to members: Information on CFTC regulatory reporting requirements
U.S. March 9, 2020 FINRA regulatory notice 20-08: Pandemic-related business continuity planning, guidance and regulatory relief
U.S. March 1, 2020 Actions the Fed Could Take in Response to COVID-19
Canada March 13, 2020 OSFI announces measures to support the resilience of financial institutions
EU March 26, 2020 France, Note from French counsel on moratoria and financial contracts in French Ordinance No 2020-306 of 25 March 2020.
EU 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
EU 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
EU March 20, 2020 ESMA clarifies position on call taping under MIFID II
EU March 19, 2020 Joint Trade Association letter regarding MIFID Consultations
EU March 19, 2020 Coronavirus crisis: ECB announces new asset purchase programme
EU March 16–19, 2020 Bans on short selling: France – AFM statement, Italy – CONSOB statement and FAQ, Belgium – FSMA statement, Austria – FMA statement, Greece – HCMC statement, Spain – CNMV statement
EU March 18–19, 2020 Bans on short selling – FCA Statements: Belgium and Greece, Italy and Spain, France
EU March 18, 2020 ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
EU March 16, 2020 The Riksbank to increase asset purchases and take measures to facilitate credit supply
EU March 12, 2020 EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector
EU March 12, 2020 ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus
UK March 27, 2020 Accounting and Tax – Joint statement by the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA)
UK March 27, 2020 Accounting and Tax – FRC – Guidance for companies on Corporate Governance and Reporting
UK March 27, 2020 Accounting and Tax – Letter from Sam Woods ‘Covid-19: IFRS 9, capital requirements and loan covenants
UK March 27, 2020 Accounting and Tax – FRC – Guidance for Auditors and Matters to Consider Where Engagements Are Affected by Coronavirus (COVID-19)
UK March 26, 2020 Accounting and Tax – FCA – Statement of Policy: Delaying annual company accounts during the coronavirus crisis
UK March 25, 2020 FCA – Impact of the coronavirus on firms’ LIBOR transition plans
UK 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
UK March 20, 2020 Accounting and Tax – Bank of England announces supervisory and prudential policy measures to address the challenges of COVID-19
UK March 20, 2020 FCA key workers in financial services
UK March 19, 2020 Monetary Policy Summary for the special Monetary Policy Committee meeting on 19 March 2020
UK March 19, 2020 Bank of England measures to respond to the economic shock from Covid-19
UK March 17, 2020 LSE Statement on short selling
UK March 17, 2020 FCA information for firms on coronavirus (Covid-19) response
UK March 17, 2020 FCA Primary Market Bulletin Issue No. 27 – Coronavirus update (March 17, 2020)
UK March 11, 2020 Bank of England measures to respond to the economic shock from Covid-19
Asia March 24, 2020 Bank Indonesia announces adjustments to market hours
Asia March 24, 2020 India: Guidelines to be taken from the Ministry of Home Affairs
Asia March 19, 2020 APRA adjusts bank capital expectations
Asia March 19, 2020 Statement by Philip Lowe, Governor: Monetary Policy Decision
Asia March 19, 2020 MAS Announces US$60 Billion Swap Facility with the US Federal Reserve as part of Coordinated Central Bank Actions
Asia March 18, 2020 Bank of Thailand Announcement of Holidays Cancellation on April 13-15, 2020 for Financial Institutions and Specialized Financial Institutions
Asia March 16, 2020 Enhancement of Monetary Easing in Light of the Impact of the Outbreak of the Novel Coronavirus (COVID-19)
Asia March 16, 2020 The HKMA’s Response to US Fed’s Rate Cut
Global 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
Global March 26, 2020 Global Foreign Exchange Committee Issues Statement on FX Market Conditions
Global March 25, 2020 Joint Trade Association Letter on Impact of COVID-19 on Initial Margin Phase-In
Global March 20, 2020 Basel Committee coordinates policy and supervisory response to COVID-19
Global March 20, 2020 ISDA letter reg: Maintaining market access during jurisdictional responses to the corona virus

Documents (0) for COVID-19 Updates