The 2021 ISDA Interest Rate Derivatives Definitions will replace the 2006 ISDA Definitions as the standard definitional book for cleared and non-cleared interest rate derivatives. ISDA finalized the new definitions on May 18, 2021, ahead of publication on a new web-based user platform (expected on June 4, 2021). An implementation date has been set for the weekend of October 2/3, 2021.
Since the 2006 ISDA Definitions were published 15 years ago, there have been numerous changes in market structure, regulations, technology and market practice. Important lessons have also been learned from various unscheduled market closures. While ISDA has published over 70 supplements to keep the 2006 ISDA Definitions current, this has led to the definitional booklet becoming unwieldy and difficult to use. The 2021 Definitions will consolidate these supplements into the main book, as well as making other necessary updates.
ISDA has published a new factsheet outlining the key changes.
Click on the PDF below to read the factsheet.
Documents (1) for Introduction to the 2021 ISDA Interest Rate Derivatives Definitions
Latest
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
Letter on EU Legislative Reform
On July 1, ISDA and 11 other trade associations published a statement on enhancing the EU legislative and supervisory framework to support market competitiveness. The statement highlights a significant opportunity to strengthen the EU’s regulatory and supervisory framework through the...
Response to CPMI-IOSCO Margin Proposals
On June 29, ISDA submitted a response to a consultation from the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) on updated guidance and public quantitative disclosures to implement the 2025 margin proposals....
US Treasury Repo Clearing Indicators May 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities...