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
Trade Bodies Seek Delay on Third-Country CCP Rules
On October 21, ISDA and nine other trade associations – the Alternative Investment Management Association, the European Association of Co-operative Banks, the European Association of Corporate Treasurers, the European Banking Federation, the European Fund and Asset Management Association, the European...
ISDA and Tokenovate Launch CDM Taskforce
ISDA and Tokenovate have today announced the establishment of a new taskforce within the Fintech Open Source Foundation (FINOS) to accelerate operationalization of the Common Domain Model (CDM). The initiative responds to growing market demand for standardized, interoperable post-trade processing...
ISDA Trading Forum Sydney: CEO Remarks
ISDA Derivatives Trading Forum Sydney October 21, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the Derivatives Trading Forum. It’s great to be back in Sydney following our last trip back in August....
ISDA Trading Forum Tokyo: CEO Remarks
ISDA Derivatives Trading Forum Tokyo October 17, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good afternoon, and welcome to the ISDA Derivatives Trading Forum. It’s great to be back in Tokyo, and I’d like to begin by...