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 intends to publish the new definitions on May 17, 2021, with a target implementation date of 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.