ISDA Responds to CSA Consultation on Revisions to Canadian Clearing Obligation

On December 19, ISDA submitted a response to the Canadian Securities Administrators (CSA) consultation on proposed amendments to the clearing obligation in Canada. The CSA invited comments on the proposed amendments and on the specific question set out in Annex B of the notice, ie, whether including single-name credit default swaps (CDS) within the scope of the clearing obligation would be appropriate.

In the response, ISDA asks the CSA to provide an appropriate implementation period for firms to prepare for the changes – it is proposed this would be six months from the time the amended instrument enters into force. ISDA also welcomes that the proposed changes are largely in line with global developments and existing requirements on the scope of the clearing obligation in other jurisdictions. Finally, on whether single-name CDS should be included in the scope of the clearing obligation, ISDA recommends that the scope should remain in line with global peer jurisdictions and notes that no other jurisdiction currently mandates clearing for single-name CDS. The response explains that single-name CDS are not sufficiently liquid to warrant a clearing requirement.

Documents (1) for ISDA Responds to CSA Consultation on Revisions to Canadian Clearing Obligation

Strengthening DC Governance

The Credit Derivatives Determinations Committees (DCs) play a vital role. Without a single, industry-wide determination on whether a credit event has occurred, it simply wouldn’t be possible to clear credit default swaps (CDS), making the market less safe and less...

ISDA CSA Significant Errors Notification SOP

The ISDA CSA Notification of Significant Error or Omissions Suggested Operational Practices (SOP) considers current institutional processes and outlines suggested operational practices related to the new requirement under §26.3(2) of the Canadian Trade Repositories and Derivatives Data Reporting rules rewrite...

ISDA Paper on UPI Identifiers

On July 16, ISDA submitted a paper (UPI as the Foundation for OTC Derivatives Reporting: The Case for UPI) to the UK Financial Conduct Authority (FCA). The paper was developed to complement ISDA’s response to the FCA’s discussion paper DP24/2:...

IRD Trading Activity First Quarter of 2025

This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the first quarter of 2025 include:...