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:

  1. The ISDA 2023 Equity Swap – 2021 Definitions Protocol text, published on October 2, 2023;
  2. The ISDA 2023 Equity Swap – 2021 Definitions Protocol FAQs,
  3. An FAQs document on this initiative;
  4. An ISDA letter that dealer institutions can provide to their clients as part of the outreach process;
  5. 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 (

Documents (5) for ISDA Equity Swap Protocol – 2021 Definitions