On February 28, 2022, ISDA published the 2022 ISDA Securities Financing Transactions Definitions and related documents. The new documentation allows firms to enter into derivatives and SFTs under a single ISDA Master Agreement. The publication followed an ISDA October 2020 whitepaper that detailed a proposal to standardize documentation across repos and stock loans (securities financing transactions (SFTs)) and derivatives.
This paper provides a brief overview of the SFT Definitions and the SFT Schedule Provisions, describes the use cases currently identified for these documents, and highlights some possible future developments. ISDA believes there is potential for further alignment between SFTs and derivatives that could be introduced as market demand warrants, including streamlining jurisdictional and market-practice differences to create greater efficiency in documenting and maintaining SFTs and derivatives.
Documents (1) for The 2022 ISDA Securities Financing Transactions Definitions: Current and Future Use Cases
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The CPI Quandary
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ISDA Response to HMT, BoE on UK CCPs
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Doubling Down on Appropriate Trading Book Capital
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Determining Initial Reference Index for New Trades
On November 25, 2025, ISDA published a Market Practice Note (MPN) to recommend a specific methodology that market participants could elect to use for the purposes of determining the Initial Reference Index for certain new inflation derivative transactions given that...