ISDA Japan Corporate Calculation Agent City Protocol
The ISDA Japan Corporate Calculation Agent City Protocol the (“Protocol”) offers market participants an efficient way to change the Calculation Agent City from London (or any other city which is not Tokyo) to Tokyo for transactions that are covered by the Protocol. The Protocol will cover single name Credit Derivative Transactions with a Confirmation that identifies or has the effect of identifying "Japan Corporate" as the relevant Transaction Type with respect to the Reference Entity.
The ISDA Japan Calculation Agent City Protocol is open to ISDA members and non-members. The adherence opens on January 12, 2010 and closes on January 22, 2010 at 5pm NY time. A party must email its Adherence Letter to ISDA by 5:00 p.m. New York time on January 22, 2010, or it will not be able to participate in the Protocol.
Please note: The Protocol was amended on January 19, 2010 to clarify the scope of transactions covered. Changes were made to the definition of each of (i) “Credit Derivative Transaction” and (ii) “Protocol Covered Transaction” and are shown in the mark-up available below. Parties who had adhered to the previous form of the Protocol prior to the amendment each confirmed that they agreed that their adherence applied to the form of Protocol as amended.
PLEASE NOTE: THIS PROTOCOL IS CLOSED.
The following documents must be submitted via email to the ISDA office in New York in order to adhere to the ISDA Japan Corporate Calculation Agent City Protocol:
- One signed copy of the Adherence Letter, providing information on the contact person at the Adhering Party.
- One conformed copy of the Adherence Letter. A conformed copy is an exact copy of the signed letter with the name of the person signing the letter typed on the signature line. A signature should not appear on the conformed copy of the letter.
ISDA will only accept email delivery of Adherence Letters. An Adhering Party is not required to send original Adherence Letters to the ISDA offices.
Please submit all Adherence Letters via email to firstname.lastname@example.org. It is critical that both a scanned, signed Adherence Letter, as well as a scanned, conformed Adherence Letter is submitted. Entities will not be deemed to have adhered to the Protocol until both the signed and conformed Adherence Letters are submitted by email in accordance with the Adherence Period.
No other documents are required in order to adhere to the ISDA Japan Corporate Calculation Agent City Protocol. Supporting documentation, such as board resolutions or a list of authorized signatures, can be provided and will be held in safekeeping by ISDA, but it is not necessary to submit such documents in order to adhere to the Protocol. Access to supporting documentation will only be provided if requested in writing.
The Protocol will open for adherence on January 12, 2010 and will close for adherence on January 22, 2010 at 5pm NY time.
Email address for Delivery of Adherence Letters:
Policy Regarding Conformed Copies
A signed copy and a conformed copy of an Adherence Letter must be received in order for ISDA to list a party as having adhered to the ISDA Japan Corporate Calculation Agent City Protocol.
The most common problem experienced in the adherence process for prior Protocols was the failure to include a conformed copy of the Adherence Letter. We remind parties that a conformed copy, together with a signed copy, must be submitted to ISDA in connection with adherence to the ISDA Japan Corporate Calculation Agent City Protocol.
Frequently Asked Questions
ISDA has prepared this brief summary of frequently asked questions to assist in your consideration of the ISDA Japan Corporate Calculation Agent City Protocol (the "Protocol").
THIS FREQUENTLY ASKED QUESTIONS DOES NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE PROTOCOL. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE PROTOCOL. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.
Adherence Letter Submission Process
When do I need to send in my Adherence Letter?
How do I send in my Adherence Letter?
The Adherence Letter(s) should be on your institution’s letterhead. Nothing in the form Adherence Letter available on ISDA's website may be changed with the exception of completing the details of your institutional name, date and signature block.
What is a conformed copy?
Who is an authorized signatory?
What if I am an investment or asset manager – how do I complete the signature block?
As an alternative, an investment or asset manager may list the specific funds that are adhering to the Protocol, by indicating in the signature block: “Investment/Asset Manager, acting on behalf of the funds and accounts listed in the attachment to this Adherence Letter”. Please note that in this case the names of those funds will be publicly disclosed on the ISDA website.
Can I change the text of the Adherence Letter?
Does it cost any money to adhere to the Protocol?
Details relating to the Protocol
What transactions are covered by the Protocol?
All existing transactions that come within the immediately preceding paragraph are covered by the Protocol, even if they were entered into after December 2007. References in the press release relating to this Protocol to trades dated before December 2007 are to provide background only. Prior to December 2007, the choice of Calculation Agent City in respect of the type of transactions discussed here was less consistent. However, since that time, there has been consensus among market participants in favour of Tokyo (and that consensus has been reflected in the Physical Settlement Matrix published by ISDA).