2021 ISDA Interest Rate Derivatives Definitions

The 2021 ISDA Interest Rate Derivatives Definitions (the “2021 Definitions”) are intended for use in confirmations of individual transactions governed by ISDA Master Agreements. The 2021 Definitions are an update of the 2006 ISDA Definitions (the “2006 Definitions”) which many parties to privately negotiated derivative transactions have incorporated into existing Confirmations or other documents.

The purpose of the 2021 Definitions is to provide the basic framework for the documentation of privately negotiated interest rate and currency derivative transactions. Although the 2021 Definitions were drafted with this purpose in mind, ISDA recognizes that parties documenting other types of privately negotiated derivative transactions might find it helpful to incorporate the 2021 Definitions into Confirmations for those transactions. The 2021 Definitions are the first ever to be published as a natively digital definitional booklet, and are available via ISDA’s new electronic documentation platform, MyLibrary, via the links below. The digital format creates significant efficiencies in how firms use and interact with the definitions, reducing complexity and the potential for error. Unlike the 2006 Definitions whereby periodic amendments were made by way of supplements, ISDA republishes a revised digital version of any component part of the 2021 Definitions (such as the main book or any matrix that has been amended) in full each time updates are required. Subscribers to the 2021 Definitions are able to access a single golden-source version of the definitions that applied at any point in time.

Please refer here for details on the Bahasa Indonesian Translation of Selected Provisions from the 2021 Definitions (V6) and relevant exhibits and matrices.

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