What is the ISDA Notices Hub?

The proposed ISDA Notices Hub is an online platform designed to provide market participants with a faster, safer and more efficient method for delivering and receiving critical notices under ISDA and other Master Agreements. It would allow parties to maintain control of their contractual position even when more traditional means of delivery prove difficult or impossible – for example, during a pandemic or time of war. ISDA is seeking institution-level support for the ISDA Notices Hub ahead of a targeted launch at the end of 2024.

Click on the PDF below for a fact sheet on the ISDA Notices Hub.

For further information on the ISDA Notices Hub, please contact noticeshub@isda.org.

Key Features

Instant delivery: The ISDA Notices Hub will allow the instantaneous delivery and receipt of critical termination-related notices on a highly secure, confidential and robust online platform.

Resolves challenges with traditional methods of delivery: It will function even when there are issues that would hamper traditional methods of delivering notices, including:

  • Pandemic lockdowns
  • Hostile activities
  • Stale notice addresses
  • Difficulties relying on emerging local infrastructure

Evidence of the time of delivery: The ISDA Notices Hub will time and date stamp delivered notices for use in legal proceedings, and provide auditable evidence that notices have not changed since issuance.

Keep physical notice details up to date: The ISDA Notices Hub will provide a golden source of physical notice details for all counterparties using the service, validated via periodic verification requests. Parties will be able to amend the details of all their Master Agreements with a single entry on the ISDA Notices Hub, ensuring current contact information is available when needed.

Quality user experience: The platform is being designed with all kinds of users in mind. They will benefit from a light-touch onboarding process and intuitive platform design with 24/7 customer support.

Seamless integration with ISDA Create: Notices drafted on ISDA Create will flow directly to the ISDA Notices Hub. A new suite of notice templates will be added to ISDA Create.


The ISDA Notices Hub will be scalable, allowing additional functionality to be added simply and efficiently over time. For example, coverage could be expanded to include termination notices under other Master Agreements and other notices under ISDA documents (such as fund net asset value reports).

ISDA is also speaking to global resolution authorities about using the ISDA Notices Hub to allow direct communication between regulators and counterparties of banks that enter resolution.


The ISDA Notices Hub will be available via S&P Global Market Intelligence’s Counterparty Manager platform, which also offers access to ISDA Amend, Request For Amendment, Know Your Customer, Outreach360 and Withholding Tax Utility. Counterparty Manager is already used by over 200,000 market participants worldwide to manage and share documentation and entity data in a highly secure environment.


Costs will be fixed when the platform specification is finalized but will be set to incentivize widespread adoption of the ISDA Notices Hub. As with ISDA Amend, the ISDA Notices Hub is expected to be free for buy-side firms, while the indicative cost for dealers is likely to be $10,000-$50,000 per year on a group basis, depending on their size.

The costs reflect the need to ensure the ISDA Notices Hub achieves the requisite standards of robustness, confidentiality and security, as well as covering the costs of legal opinions on the use of the ISDA Notices Hub from counsel in approximately 70 jurisdictions.

The ISDA Notices Hub will bring significant benefits to market participants in terms of the speed and efficiency of delivering notices and closing out transactions compared to traditional methods. Those benefits should outweigh the costs of the service even in stable markets, but will be particularly valuable during periods of stress like the global financial crisis and the COVID-19 lockdown. If the ISDA Notices Hub had existed at the time of Russia’s invasion of Ukraine, notices could have been effectively delivered to Russian counterparties instantaneously. That would have avoided the lengthy delays market participants experienced when using conventional methods of delivery.


The target launch date is end-2024, with work to build the platform starting in the first quarter of 2024.

Request for Commitments

In early 2024, ISDA will seek commitments from dealers and large buy-side entities to adopt the ISDA Notices Hub and help with client outreach. This is meant to ensure there is sufficiently wide adoption to justify the time, money and resources required to develop the ISDA Notices Hub.

To provide a basis for these commitments, ISDA and S&P Global Market Intelligence will publish a specification of the ISDA Notices Hub and its key features. ISDA will also obtain legal opinions from 20 member-identified priority jurisdictions in time for launch, so users can be confident of the platform’s utility from day one.

These commitments represent good faith indications that each institution is aware of the ISDA Notices Hub at all appropriate levels and intends to take the necessary steps to ensure wide adoption.

In the absence of these commitments, it is unlikely that ISDA and S&P Global Market Intelligence will proceed with the project.


The ISDA Notices Hub has the potential to significantly improve the safety and efficiency of financial markets, as well as enhance the risk management capability of individual market participants.

For further information on the ISDA Notices Hub, please contact noticeshub@isda.org.

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