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 Recommendations to Simplify EU Regulation
On March 9, ISDA submitted a paper to the European Commission setting out focused proposals to improve the functioning of the EU regulatory framework for derivatives. The paper comprises eight targeted recommendations to simplify selected Level 1 provisions in a...
New Selection Process for Standard Reference Obligations (SROs) FAQs
This Frequently Asked Questions (“FAQ”) document gives information about the new selection process for Standard Reference Obligations (SROs). Note that ISDA may update these FAQs on occasion. Please check back periodically for new versions.
Refreshing the FX Definitions
A lot has changed in the FX derivatives market since 1998, when the last set of standard definitions for FX transactions were published. Trading volumes have grown substantially, and average daily turnover has risen by six times. Market practices have...
ISDA & EMTA Publish New FX Definitions
ISDA and EMTA, Inc., the trade association for emerging markets, have jointly published a revised set of standard definitions for foreign exchange (FX) derivatives transactions, which update key market practices and consolidate various FX and FX-related product templates and provisions...