ISDA and SIFMA submitted an amicus brief in support of the bankruptcy creditor counterparties in the U.S. Bankruptcy Court in the Southern District of Texas. The amicus brief argues that, under the terms of the 1992 Master ISDA, non-defaulting swap counterparties are neither required to (1) provide Reference Market-makers with a copy of the Credit Support Annex between them and the defaulting counterparty to complete the Market Quotation process, nor (2) take the defaulting counterparty’s creditworthiness into consideration when assessing the amount of “Loss.”
Documents (1) for In re Brazos Electric Power Cooperative, Inc.
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Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...