ISDA recently undertook a survey to better understand if and how the 1998 FX and Currency Option Definitions (“FX Definitions”) and related documentation might be improved and updated, taking into account developments and events in the FX market (e.g., currencies becoming non-deliverable) and the general evolution of FX trading since 1998. A variety of market participants submitted thoughtful responses to the survey and additional market participants (including buyside) provided feedback to ISDA separately. The survey remains available here.
Based on survey responses, ISDA has developed a strategy for updating the FX Definitions between 2024 and 2027. This strategy is available on this page.
Members who would like to stay updated on this initiative can join the ISDA FX Definitions Update Group.
Documents (1) for Strategy for Updating the FX Definitions
Latest
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...
ISDA Position Paper on SFDR Review
On February 27, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the European Commission’s (EC) proposed revisions to the Sustainable Finance Disclosure Regulation (SFDR 2.0). The paper welcomes the EC’s proposal as a...
ISDA Response to HKMA SFC Consultation on Clearing Rules
On February 27, ISDA responded to a joint consultation by the Hong Kong Monetary Authority (HKMA) and the Securities Futures Commission (SFC) on proposed amendments to schedule 2 of the clearing rules for over-the-counter (OTC) derivatives. The proposed amendments introduce...