Thomson Reuters Session 1: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
The International Swaps and Derivatives Association (ISDA) recently announced the launch of the ISDA Notices Hub and the ISDA 2025 Notices Hub Protocol....more
The delivery of an effective notice under an English law 1992 or 2002 ISDA Master Agreement is a necessary precursor for the operation of certain key provisions in those contracts, including the designation of an Early...more
Background - The governing agreements for a wide range of transactions, from the most basic financing arrangements to the most complex derivatives trading relationships, frequently include a “cross-default” event of...more
As a response to member feedback relating to the COVID-19 pandemic and following a period of consultation with its members beginning in 2022, the International Swaps and Derivatives Association (ISDA) has published a number...more
The Definitions aim to support the safe and efficient development of the digital asset derivatives market through consistent contractual standards. On January 26, 2023, the International Swaps and Derivatives...more
The High Court of England and Wales has recently provided welcome clarification around the nature of events of default under derivatives contracts governed by the ISDA Master Agreement, in particular in relation to whether an...more
Key Points - - The 2002 ISDA Master Agreement has a force majeure clause, but the 1992 ISDA Master does not. - A force majeure defense is unavailable unless payment/delivery is actually prevented. - Under a Force...more
The outbreak of the novel coronavirus COVID-19 has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply-chain and travel restrictions constitute...more
With the announcement by the Financial Conduct Authority that the London Interbank Offered Rate (LIBOR) may cease to exist, the financial markets are facing a major upheaval in this respect. Market participants, financial...more
The Situation: In the event of a "hard Brexit," establishing a new contractual framework with EU-based clients will be a protracted and costly task for investment service providers based in London. The Result: The French...more
On 23 June 2016, the UK voted to leave the EU. The exit procedure was triggered under Article 50 of European Union Treaty, with the departure date set to 29 mars 2019. After Brexit, the UK will become a third country...more
The endorsement of Europe's largest asset management association should promote use of the new 2002 ISDA Master Agreement (French law) on the European OTC derivatives market....more
The International Swaps and Derivatives Association (ISDA) (advised by Allen & Overy LLP) has published a second edition of its Arbitration Guide (the 2018 ISDA Arbitration Guide). While the basic structure of the Arbitration...more
On September 19, 2018, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA Benchmarks Supplement, which allows adhering entities to amend the contractual triggers and fallbacks of...more
Some have expressed concern that Brexit will reduce the use of English law derivatives documentation. Any such concern is in our view unfounded, as this note explains....more
The Situation: English law-governed documents have largely dominated the European swaps and derivatives markets since the landmark ISDA Master Agreement was published in 1987. The Development: The International Swaps and...more
On 15 June 2017 the English Court of Appeal handed down a significant judgment in Dexia Crediop S.p.A. v Comune di Prato. The Court’s unanimous judgment confirmed that the nature of an agreement made pursuant to an ISDA...more
As previously noted in the client alert “Brexit: A First Look at the Impact on Asset Managers That Trade Derivatives,” Brexit is not anticipated to have an immediate impact on ISDA Documentation or derivatives contracts. ...more
On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more
On 19 June 2014, the International Swaps and Derivatives Association (“ISDA”) published an amendment to the ISDA Master Agreement for use in relation to section 2(a)(iii) of that agreement, for parties who wish to amend their...more