On June 8, ISDA and UK Finance jointly wrote to HM Revenue & Customs (HMRC) to respond to their consultation on tax impacts arising from the withdrawal of LIBOR. The associations welcomed the consultation and the draft guidance included on the subject. As noted in previous correspondence with HMRC, certain tax omissions and certain tax aspects could potentially have material implications and/or cause uncertainties, which may serve as a barrier to secure the consent needed from derivatives counterparties to make contract amendments and could risk obstructing the broader benchmark reform transition project.
Documents (1) for ISDA Responds on Tax Impact of LIBOR Withdrawal
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ISDA In Review – August 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2026.
Remove Bureaucracy from Cross-margin Approvals
Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...
Joint Response on CCP Resolution
On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...