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

Joint Letter on Simplification of EU Taxonomy

On October 6, ISDA, the Association for Financial Markets in Europe (AFME), the European Fund and Asset Management Association (EFAMA), the European Association of Co-operative Banks (EACB) and the European Banking Federation (EBF) published a policy statement in support of...

Paper on Removal of SI Regime

On October 10, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published a paper on the practical implications of the recent discontinuation of the systematic internalizer (SI) regime for derivatives, bonds and...

Episode 52: Innovative Thinking

The pace of change in derivatives markets shows no sign of letting up, with rapid evolution across trading, regulation and technology. Industry veteran Don Wilson, founder of trading firm DRW, talks to The Swap about some of the biggest trends....