The ISDA 2025 – 2002 ISDA Equity Derivatives Definitions (Versionable Edition) Protocol has been created to allow parties to certain Protocol Covered Equity Derivative Master Confirmation Agreements (each, a “Protocol Covered Document”) to amend the terms of each such agreement so as to incorporate the 2002 ISDA Equity Derivatives Definitions (Versionable Edition) (the “Equity Definitions VE”) in place of the 2002 ISDA Equity Derivatives Definitions (the “2002 Equity Definitions”).

The Protocol covers master confirmation agreements or general terms confirmation agreements that incorporate the 2002 Equity Definitions (“Equity Derivative Master Confirmation Agreements”).

An Equity Derivative Master Confirmation Agreement will only be a Protocol Covered Document that is amended under the terms of the Protocol if:

1. it is an Equity Derivative Master Confirmation Agreement which is entered into between two Adhering Parties and has a Protocol Covered Document Date prior to the Protocol Effective Date (or, if later, the Letter Acceptance Date for the later of the two Adhering Parties to adhere); and
2. is governed by an ISDA Master Agreement or an Additional Master Agreement (the latter being certain FBF Master Agreements).

The Protocol will only amend the Equity Derivative Master Confirmation Agreement for the purposes of any equity derivative transaction entered into between the parties pursuant to that Equity Derivative Master Confirmation Agreement with a Trade Date on or after the Protocol Effective Date (or, if later, the Implementation Date).

Please refer to the “Frequently Asked Questions” for more information.

The Protocol is open to ISDA members and non-members. Parties will pay a one-time fee of $500 to ISDA to adhere to the Protocol. There is no cut-off date to the Protocol. ISDA does, however, reserve the right to designate a cut-off date by giving 30 days’ notice on this site.