On July 16, 2025, the International Swaps and Derivatives Association (ISDA) announced the launch of its new product, the ISDA Notices Hub. The Notices Hub is an online platform designed to provide market participants with a more efficient and secure electronic method of (i) delivering and receiving termination notices, and (ii) centrally updating address details for notices, with respect to the ISDA Master Agreement. ISDA has partnered with S&P Global Market Intelligence (S&P) to launch the Notices Hub on S&P’s Counterparty Manager platform.
ISDA has launched the Notices Hub in response to geopolitical events such as the COVID-19 pandemic, which highlighted the risks parties face in relying on physical methods of delivery for critical notices, particularly when involving global transactions across jurisdictions. The Notices Hub mitigates these risks by allowing for the near-instantaneous delivery and receipt of ISDA Master Agreement termination-related notices and waivers; centralizing up-to-date physical notice details; and providing time and date stamps for delivered notices for use in legal proceedings.
Participation in the ISDA Notices Hub requires two steps: adherence to the ISDA 2025 Notices Hub Protocol (the Protocol); and onboarding to the Notices Hub via the Counterparty Manager platform. The Protocol enables market participants to amend Paragraph 12 of the ISDA Master Agreement to (1) permit use of the Notices Hub as an additional means of providing or exchanging critical notices, and (2) allow for address notice information to be centrally updated on the Notices Hub. Market participants may elect “Full Functionality” to permit the exchange of default and termination notices via the Notices Hub platform, or “Address Only,” which permits only the centralized updating of address and contact information. The Protocol includes a mutual agreement by adherents to keep address and contact information provided on the Notices Hub up to date. Adherence to the Protocol and use of the Notices Hub platform is free for buy-side firms.
Once a market participant has adhered to the Protocol, it will receive an invitation link to onboard onto the Notices Hub platform. Once onboarded, a market participant must “match” with counterparties on the Notices Hub that it intends to amend its ISDA Master Agreements with. Matching on the Notices Hub occurs where a Protocol adhering party submits an invitation to match on the Notices Hub platform to another Protocol adhering party, and the receiving party accepts the invitation. Once matching occurs, the terms of the ISDA Master Agreement between the parties are amended as described above, depending on whether the parties elected Full Functionality or Address Only.
For market participants that elect Full Functionality, notices delivered via the Notices Hub are deemed delivered when made available to the receiving party on the Notices Hub. Market participants can designate authorized users in the Notices Hub platform to receive automatic email alerts when notices are received from a matched counterparty on the Notices Hub platform. If the Notices Hub is not available due to a disruption of service, ISDA will publish a Material Service Restriction Notice on its website, in which case notices are not deemed delivered if sent via the Notices Hub during that time, and such notices will be unavailable to the receiving party.
The ISDA 2025 Notices Hub Protocol is accessible here. ISDA has also published an FAQ, available here, for market participants seeking more information regarding the Notices Hub.
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