ISDA Selects Kinetix And Linklaters To Develop Documentation User Platform Date
03/02/2021
The International Swaps and Derivatives Association, Inc. (ISDA) has today announced that Kinetix Trading Solutions and Linklaters have been selected to develop a user platform that will allow market participants to access ISDA documentation in electronic form with enhanced navigation and other features.
Kinetix, a financial technology company specializing in artificial-intelligence-driven trade management and compliance software, and Linklaters >Nakhoda were selected following a request for quotation issued in June 2020 for the development of a user-friendly, state-of-the-art platform that will enable industry participants to more easily navigate and use ISDA’s documentation.
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This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. As discussed in more detail in Holland & Knight s previous alert, the International Swaps and Derivatives Association Inc. (ISDA) published its 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA Definitions (the Amendments) in October 2020 to address discontinuation of Libor in the derivatives markets. The Amendments became effective on Jan. 25, 2021.
What Does This Mean?
new swap or other derivative transactions which reference the 2006 ISDA Definitions will
automatically incorporate ISDA s fallback provisions for the replacement of Libor. As a result, upon the occurrence of certain objective trigger events related to the discontinuation of Libor (anticipated to be delayed until June 2023), the floating rate on these new swaps will convert from Libor to ISDA s preferred
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The CFTC recently published Brexit-related Letter No. 20-42 (December 4, 2020) in response to a request from the International Swaps and Derivatives Association, Inc. (ISDA). In its request, ISDA stated that the expiration of the Brexit transition period – set for December 31, 2020 – potentially raises the need for swap dealers to transfer uncleared swaps between affiliates as part of their strategic response to Brexit. In the interest of an orderly such process, ISDA requested relief for swap dealers to be able to voluntarily transfer “legacy” swaps (
i.e., entered into prior to the applicable margin or clearing compliance date) between affiliates, solely in preparation for or response to the end of the Brexit transition period, without triggering the margin and clearing requirements.
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In a new publication, ISDA explores the benefits of digitization and blockchain solutions for global foreign exchange derivatives markets.
As blockchain and distributed ledger technology (DLT) use cases continue to grow across the broad spectrum of financial markets, the International Swaps and Derivatives Association, Inc. (ISDA) is once again stepping into the crossroads of technology and derivatives with the publication of the ISDA Legal Guidelines for Smart Derivatives Contracts: Foreign Exchange Derivatives (the Guidelines).
The Guidelines provide a general introduction to foreign exchange derivatives (FX) for those designing technological solutions for the FX market and examine the potential benefits and opportunities to apply DLT and smart contract technology to the FX market, taking into account the legal and operational issues that need to be considered.