U.S. Federal Holidays on December 24 and 26, 2025

Pursuant to an Executive Order of the President of the United States, December 24 and December 26 have been designated as federal holidays for U.S. federal government purposes.

The designation of such dates as U.S. federal holidays is not expected to affect the calculation or publication of the benchmarks referenced in the USD Floating Rate Options incorporated in the Floating Rate Matrix to the 2021 ISDA Interest Rate Derivatives Definitions (“2021 Definitions”).

Both December 24, 2025 and December 26, 2025 are expected to be good New York City Business Days, U.S. Government Securities Business Days and New York Fed Business Days as defined in the 2021 Definitions.

Eyeing the Basel III Finish Line

An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...

Joint Comment Letter on Basel III Endgame Proposal

The Institute of International Finance (IIF), the International Swaps and Derivatives Association, Inc. (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) today submitted a joint comment letter to the Board of Governors of the Federal Reserve System, the...