ISDA and EMTA are considering their respective roles in FX documentation and related issues for emerging markets. In doing so, ISDA has agreed to expand its role in this work, with EMTA staff remaining involved to ensure a smooth transition and maintenance of historical knowledge.

As part of the transition, ISDA will undertake primary responsibility for Annex A to the FX Definitions and future NDF and NDO templates, as well as related market practice notes, guidance and amendment agreements.  ISDA and EMTA are also considering inclusion of existing EMTA FX documentation in ISDA’s online library.  ISDA’s expanded role will complement its ongoing project to update and consolidate the FX Definitions co-published by ISDA and EMTA.

ISDA also expects to run legal and non-legal working groups for members representing emerging markets, including several new regional FX groups and subcommittees of existing ISDA groups (e.g., the ISDA FX Legal Steering Committee).  Information about how to join these groups will be forthcoming over the next few months.  In addition, ISDA and EMTA expect to form a joint committee of senior FX traders in non-G10 currencies to provide input on issues affecting FX in emerging markets.  All working groups and committees will sit within ISDA’s existing governance structure and comply with applicable laws, including antitrust and competition laws.

ISDA and EMTA will continue to update their respective members as this transition progresses between now and the end of the year.  Please reach out to ISDA Legal Department (ISDALegal@isda.org) and ISDA Market Infrastructure and Technology (MarketInfrastructureandTechnology@isda.org) if you have any questions.