ISDA FX Definitions Market Participant Survey

ISDA wishes to better understand if and how the 1998 FX and Currency Option Definitions and related documentation such as Annex A, supplements, additional provisions, forms of confirmations and template terms (together, the “FX Definitions”) might be improved and updated, taking into account developments and events in the FX market (e.g., currencies becoming non-deliverable) and the general evolution of foreign exchange trading since 1998.

ISDA’s Market Participant Survey includes questions regarding:

  • The current landscape of market stakeholders
  • Possible areas for change and improvement
  • The potential effects on market participants and infrastructures of undertaking changes
  • Suggestions on the best way to implement any agreed changes.

If ISDA does move forward with updates and improvements to the FX Definitions, additional market outreach and coordination will be required. We expect to provide more information regarding survey responses and, if applicable, a strategy for next steps during the second half of 2023. ISDA plans to share an aggregated and anonymized summary of survey responses publicly but will not share names of respondents or individual responses outside of ISDA and EMTA staff.

We have provided a paper version of this survey on this page below for use in developing your firm’s responses but would greatly appreciate if you would consolidate, or at a minimum coordinate, your firm’s submission via the online survey response page here.

UPDATE: ISDA’s strategy for updating the FX Definitions based on responses from this survey can be found here.

FX Survey Market Education Webinars:

ISDA hosted webinars to discuss ISDA’s ongoing FX Market diligence work, provide an overview of the survey, demonstrate ISDA’s MyLibrary online documentation platform—the recording of that presentation can be found here.

ISDA also hosted webinars to answer any market participants questions about the survey—the recording of that Q&A session can be found here.

Documents (1) for ISDA FX Definitions Market Participant Survey

Remove Bureaucracy from Cross-margin Approvals

Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...

Joint Response on CCP Resolution

On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...