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

IQ Interview with Mark Uyeda

Mandatory clearing of US Treasury securities is due to begin at the end of this year under rules finalized by the Securities and Exchange Commission (SEC) in 2023. SEC commissioner Mark Uyeda talks to IQ about the benefits of clearing...

Response to FCA on CFI Codes for Transparency

On March 19, ISDA responded to Chapter 3 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on transparency requirements for financial instruments under Market Conduct Sourcebook (MAR) 11. Sections 3.11-3.13 of the consultation paper explain a discrepancy between...

Why We Need Safe and Efficient SFT Markets

Securities financing transactions (SFTs) play a vital role in fostering liquidity, mobilizing collateral and supporting the smooth functioning of derivatives markets. But during periods of stress, secured funding markets often come under pressure just when they’re needed most, with reduced...

Response to BoE on Clearing Exemption for PTRR

On March 11, ISDA submitted a response to the Bank of England’s consultation on a proposed approach to exempting post-trade risk reduction (PTRR) transactions from the derivatives clearing obligation under Article 4 of the European Market Infrastructure Regulation (EMIR). ISDA...