ISDA has begun a pre-adherence process for the ISDA Notices Hub, enabling firms to sign up to a free protocol that will allow them to use the new platform when it launches on July 15.
Under the ISDA Master Agreement, time-critical termination notices must be delivered by certain prescribed methods including physical delivery, using company address details listed in the agreement. The protocol will change all agreements between adhering firms to allow them to use the ISDA Notices Hub – a secure online platform managed by S&P Global Market Intelligence that will enable the instantaneous delivery and receipt of termination notices and waivers and help ensure address details for physical delivery are up to date.
Delays and uncertainty over the delivery of notices can lead to losses running to millions of dollars. This can occur if a counterparty has moved offices without updating the address details in their documentation. More recent issues emerged during the pandemic lockdowns, making it extremely difficult to deliver or receive notices because offices were closed.
The ISDA Notices Hub will act as a secure central platform for firms to deliver notices (including waivers), with automatic alerts sent to the receiving entity. Multiple designated people at each firm will be able to access the hub from anywhere in the world, regardless of the situation at its physical location. The platform will also allow market participants to update their physical address details in all their agreements via a single entry.
“The ISDA Notices Hub will radically improve the operational efficiency of delivering and receiving time-critical termination notices under ISDA Master Agreements, helping to reduce the risk of losses that can occur from delays. Notices are delivered instantly and are time and date stamped, giving users the certainty they need to move forward with closing out and valuing trades,” said Scott O’Malia, ISDA’s Chief Executive.
Adherence to the protocol is free for all market participants. Use of the ISDA Notices Hub will be free for buy-side firms, while dealers can benefit from two years of discounted fees if they adopt early.
Firms can sign up to the pre-adherence here.
A letter from ISDA CEO Scott O’Malia to market participants requesting their adoption of the ISDA Notices Hub is available here.
More information about the ISDA Notices Hub is available here.
Watch a new animation about the ISDA Notices Hub here.
For Press Queries, Please Contact:
Nick Sawyer, ISDA London, +44 20 3808 9740, nsawyer@isda.org
Christopher Faimali, ISDA London, +44 20 3808 9736, cfaimali@isda.org
Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org
Documents (1) for ISDA Launches Pre-adherence Period for Notices Hub
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