Kahle v. Cargill Amicus Letter

ISDA, the Futures Industry Association (FIA), the Securities Industry and Financial Markets Association (SIFMA), and the Managed Funds Association (MFA) submitted an amicus letter in the U.S. District Court in the Southern District of New York. ISDA and FIA previously submitted an amicus brief in Kahle v. Cargill, Inc., urging the court to grant defendants’ motion to dismiss the complaint, arguing that the swap agreement safe harbor at issue (11 U.S.C. § 546(g)) preempts state-law fraudulent-conveyance claims brought by plaintiff, an assignee in state insolvency proceedings. The court denied the motion to dismiss, holding that the swap agreement safe harbor applies only to trustees in federal bankruptcies, and not assignees in state insolvency proceedings. The amicus letter urges the court to grant defendant’s petition for interlocutory review to the Second Circuit Court of Appeals.

ISDA Response to EC on Environmental Legislation

On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...

Credit Derivatives Trading Activity Q2 2025

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...

Recognition of Cross-product Netting is Critical

US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...