On November 25, 2025, ISDA published a Market Practice Note (MPN) to recommend a specific methodology that market participants could elect to use for the purposes of determining the Initial Reference Index for certain new inflation derivative transactions given that the Bureau of Labor Statistics has confirmed it will not publish the October 2025 level of the “USA – Non-revised index of Consumer Prices for All Urban Consumers (CPI-U)” as defined in the 2008 ISDA Inflation Derivatives Definitions. This publication is intended to assist market participants in maintaining consistency to increase transparency, promote certainty, reduce confusion and mitigate additional operational burden. However, this MPN is not meant to be binding in any way and, as with all market information and guidance that ISDA disseminates, parties are free to choose to adopt an alternative approach. This MPN is not intended to impact parties’ contractual rights or amend the terms of any existing contract.
Documents (1) for Determining Initial Reference Index for New Trades referencing CPI-U
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