Revised Sub-Annex A to the 2005 ISDA Commodity Definitions

On April 28, 2025, ISDA published a new version of Sub-Annex A to the 2005 ISDA Commodity Definitions (Sub-Annex A).

Sub-Annex A contains a list of Commodity Reference Prices (CRPs) and related terms that parties can reference in over-the-counter derivatives contracts. The CRPs contained in Sub-Annex A cover the following asset classes:

  • Agricultural Products;
  • Energy;
  • Freight;
  • Metals;
  • Paper;
  • Composite Commodity Indices.

Version 1 of Sub-Annex A reflects the original version of Sub-Annex A, as published with the 2005 ISDA Commodity Definitions on June 30, 2005.

Version 2 of Sub-Annex A reflects the original version of Sub-Annex A as if it were amended and restated to incorporate the terms of the supplement to Sub-Annex A published on May 12, 2006. Parties are encouraged to take note of the acknowledgement pop-up when navigating to version 2 of Sub-Annex A, which is provided for information purposes.

Version 3 of Sub-Annex A was published on August 7, 2023, with updates to CRPs in the Agricultural Products section.

Version 4 of Sub-Annex A was published on April 28, 2025, with updates to certain Natural Gas CRPs in the Energy section.

Version 5 of Sub-Annex A was published on November 9, 2025, with updates to certain Natural Gas and Liquified Natural Gas CRPs in the Energy section.

The versions of Sub-Annex A described above have been published in digital format on ISDA’s MyLibrary platform.

Response on CCP Participation Requirements

On December 24, ISDA responded to a consultation from the European Securities and Markets Authority (ESMA) on central counterparty (CCP) participation requirements. Participation requirements for CCPs are vital for safe and efficient clearing markets, and ISDA broadly supports ESMA’s consultation...