Acting through a trade association does not affect the way in which competition or antitrust legislation applies.  A member is in no better and no worse position than if they were acting in the same manner outside of ISDA.

All ISDA members must at all times be mindful of and comply with their responsibilities under competition law, not only in formal ISDA meetings but also in any social environment surrounding any ISDA gathering.

It is the responsibility of each member contact attending any ISDA event to ensure that at all times they understand and fully comply with their legal responsibilities.

Members must not discuss or disclose any commercially sensitive information (including details of prices, sales volumes, strategy, internal business policies and processes, clients lists and details) in violation of the competition rules.

If any member has any concern about the proprietary of any discussion between members, whether in a formal ISDA meeting or otherwise, they should immediately contact ISDA’s General Counsel, Katherine Darras (kdarras@isda.org). Any such concern will be treated in confidence and investigated appropriately by ISDA.  You should also report the concern internally to your legal advisor.