1998 FX and Currency Option Definitions

The 1998 FX and Currency Option Definitions are jointly published by ISDA, EMTA and the Foreign Exchange Committee and are intended for use in confirmations of individual transactions governed by (i) the 1992 ISDA Master Agreements; (ii) the International Foreign Exchange and Options Master Agreement (“FEOMA”), the International Foreign Exchange Master Agreement (“IFEMA”) and the International Currency Options Market Master Agreement (“ICOM”), each published by the Foreign Exchange Committee in association with the British Bankers Association, the Canadian Foreign Exchange Committee and the Tokyo Foreign Exchange Market Practices Committee; and (iii) other similar agreements.

The purpose of these Definitions is to provide the basic framework for the documentation of privately negotiated FX and currency option transactions, including those transactions previously documented under the 1992 ISDA FX and Currency Option Definitions. These Definitions are an expansion of the 1992 Definitions and cover a wider range of currencies and transactions. The most significant new concepts are the inclusion of certain Disruption Events and Disruption Fallbacks, which enable parties to a transaction to allocate certain event risks by providing an agreed-upon method for settling a transaction upon the occurrence of those events. These concepts may be applicable to certain currency transactions, such as those involving emerging market currencies.

These Definitions consist of a booklet, which contains provisions that are not expected to change frequently, and a three-ring binder, which contains provisions that are expected to be supplemented as needed.

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