At the request of members of the ISDA Equity Working Groups, ISDA has launched the 2023 ISDA Equity Swap Protocol (the “Protocol”) on October 30, 2023, allowing adhering parties to incorporate the 2021 ISDA Interest Rate Derivatives Definitions (the “2021 Definitions”) to relevant Equity Swap documentation.
Parties can adhere to the Protocol by visiting the ISDA website.
Attached to this page is the following material, which may be updated from time to time:
- The ISDA 2023 Equity Swap – 2021 Definitions Protocol text, published on October 2, 2023;
- The ISDA 2023 Equity Swap – 2021 Definitions Protocol FAQs,
- An FAQs document on this initiative;
- An ISDA letter that dealer institutions can provide to their clients as part of the outreach process;
- The Protocol adherence instructions document.
The Protocol effective date occurred on March 18, 2024, and parties are able to continue to adhere to the Protocol after this date.
For any questions, members can email ISDA Market Infrastructure and Technology (MarketInfrastructureandTechnology@isda.org).
Documents (5) for ISDA Equity Swap Protocol – 2021 Definitions
- ISDA 2023 Equity Swap – 2021 Definitions Protocol – Text(pdf) will open in a new tab or window
- ISDA 2023 Equity Swap – 2021 Definitions Protocol – FAQs(pdf) will open in a new tab or window
- ISDA 2023 Equity Swap Protocol Initiative FAQs 103023(pdf) will open in a new tab or window
- Letter from ISDA re 2021 Definitions (Client pack) - Equity Swaps 103023(pdf) will open in a new tab or window
- ISDA 2023 Equity Swap Protocol Adherence Instructions(docx) will open in a new tab or window
Latest
ISDA Publishes SPS Matrix Version 1.02
On December 19, 2025, ISDA published an updated version (v1.02) of the ISDA Digital Asset Derivative Definitions Settlement Price Source Matrix (‘SPS Matrix”). The SPS Matrix contains a list of Settlement Price Sources (SPSs) and related terms that parties can...
From Milestone to Modernization
We’re coming to the end of an exceptionally busy year at ISDA, in which we celebrated our 40th anniversary and doubled down on our enduring commitment to safe and efficient derivatives markets. Reflecting on ISDA’s achievements since 1985, it’s clear...
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...
IRD Trading Activity Q3 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include:...