ISDA_®
Safe, Efficient Markets

Functional Committees

• 2006 Definitions Working Group

  The 2006 Definitions Working Group will work on amendments and additions to the 2006 ISDA definitions.

  Key Personnel

  Katherine Darras:

  Staff Contact

  kdarras@isda.org

  Relevant documents are available here.

• Accounting Committee

  The Accounting Committee discusses and examines current market practices as well as developments arising from accounting standard setters and the international harmonization of accounting standards. The Committee liaises with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and other national accounting standard setters, along with the Securities and Exchange Commission (SEC) in the US, the Commission of the European Union, and the UK's Department of Trade and Industry (DTI). The Committee has examined a wide range of issues including: financial instruments, fair value measurement, hedge accounting, disclosures and international harmonization.

  The Accounting Committee also organises the InFITAG (the International Financial Instruments Technical Advisory Group) in conjunction with AFME, focusing on issues arising from the practical application of existing IFRS and US GAAP accounting standards.

  Key Personnel

  Huzefa Deesawala:	Staff Contact	hdeesawala@isda.org
  Antonio Corbi:	Staff Contact	acorbi@isda.org

  Relevant documents are available here.

• Banking Book and Default Risk Working Group

  This group will consider all aspects of the Basel credit risk charges, the IRB framework, default risk, and the incremental risk of default charge. By invitation only.

  Key Personnel

  Peter Sime:

  Staff Contact

  psime@isda.org

  Relevant documents are available here.

• Collateral Initiatives Working Group

  The committee works toward the increased smooth functioning of the collateralization process of OTC derivatives transactions through its efforts in relation to standards and best practices, and collateral law reform efforts across the globe.

  Key Personnel

  Catherine Brady:

  Staff Contact

  cbrady@isda.org

  Relevant documents are available here.

• Canadian Members Steering Committee

  The Canadian Members Steering Committee provides senior business and legal direction to ISDA efforts in Canada. By invitation only.

  Key Personnel

  Katherine Darras:

  Staff Contact

  kdarras@isda.org

• Commodity Firms’ Regulatory Capital Working Group

  The CFRC WG prepares a recommendation for the Commission and the Committee of European Banking Supervisors on the capital treatment of commodity firms dealing in commodity derivatives.

  Key Personnel

  Roger Cogan:	Staff Contact	rcogan@isda.org
  Julia Rodkiewicz:	Staff Contact	jrodkiewicz@isda.org

• Counterparty Risk Working Group

  The CRWG interacts with regulators on the implementation of the trading book review, in particular Strands 1 (counterparty credit risk) and 3 (default risk modeling in the trading book). By invitation only.

  Key Personnel

  Peter Sime:

  Staff Contact

  psime@isda.org

  Relevant documents are available here.

• CPSS IOSCO FMI Working Group

  This group was created in May 2010 to facilitate the development of ISDA’s response to the CPSS-IOSCO Principles for Financial Market Infrastructures (“FMI”) consultative report. The CPSS and IOSCO request comments on the proposed principles in the consultative report by 29 July 2011. Following this date, this group will be disestablished. By invitation only.

  Key Personnel

  Edwin Budding:

  Staff Contact

  ebudding@isda.org

• Credit Derivatives - Municipals Working Group

  A working group to review and update documentation for credit derivative transactions referencing US Municipal entities.

  Key Personnel

  Mark New:

  Staff Contact

  mnew@isda.org

• Derivative Users Committee

  The committee provides a forum for non-dealer firms (from the ISDA 'Subscriber' membership category) that are active in privately negotiated derivatives as clients; including investment managers, managed funds, insurance companies and other types of entity. The committee offers a means of staying updated on the work underway in a variety of initiatives and discusses OTC derivatives operations, documentation, risk management and market practice issues. It will also provide a forum for non-dealer firms to develop their views, for sharing with other relevant ISDA committees, without precluding involvement in those other committees or working groups. By invitation only.

  Key Personnel

  Richard Metcalfe:	Staff Contact	rmetcalfe@isda.org
  Katherine Darras:	Staff Contact	kdarras@isda.org

• Documentation Committee

  The ISDA Documentation Committee is comprised of an Advisory Board and Committee Members. Members of the Documentation Committee include a diversity of industry participants who share their expertise and knowledge in a broad range of documentation initiatives through committee and working group platforms created by ISDA in an effort to promote the flow of information and ideas among its members.

  Key Personnel

  Breda Walsh:

  Staff Contact

  bwalsh@isda.org

  Relevant documents are available here.

• Dodd Frank Compliance: Documentation Initiative

  This contact list will receive information on ISDA's industry initiative to draft, review and publish revisions to existing ISDA documentation, as well as the development of new documentation to facilitate compliance with regulatory requirements. Open to all members.

  Key Personnel

  Rosario Chiarenza:

  Staff Contact

  rchiarenza@isda.org

• EMIR Consultative Group

  This group was created in September 2010 to follow up on the draft proposals on an EU regulation on OTC derivatives, central counterparties and trade repositories(the so called EMIR ‘European Market Infrastructure Regulation), progressing through the legislative process. The first draft proposal was adopted on 15 September 2010 by the European Commission. As such a consultative group was created to provide input/response on various draft texts as they emerge. At times, this group may have to respond in short timeframes, as the EU institutions move at an ambitious pace on this project.  By invitation only.

  Key Personnel

  Roger Cogan:	Staff Contact	rcogan@isda.org
  Julia Rodkiewicz:	Staff Contact	jrodkiewicz@isda.org

• Emissions Trading Working Group

  The Emissions Trading Working Group reviews all legal, docs and regulatory issues that affect emissions trading worldwide. Open to all members.

  Key Personnel

  Peter Werner:

  Staff Contact

  pwerner@isda.org

  Relevant documents are available here.

• European Accounting Committee

  The Accounting Committee discusses and examines current accounting policies and market practices as well as developments arising from accounting standard setters and the international harmonization of accounting standards. The Committee liaises with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and other national accounting standard setters, along with the Securities and Exchange Commission (SEC) in the US, the Commission of the European Union, and the UK's Department of Trade and Industry (DTI). The Committee has examined a wide range of issues including: financial instruments, fair value measurement, hedge accounting, disclosures and international harmonization. This Committee is open by invitation only.

  Key Personnel

  Antonio Corbi:

  Staff Contact

  acorbi@isda.org

  Relevant documents are available here.

• European Equity Documentation Working Group

  This is a general distribution list for equity documentation projects related to Europe.

  Key Personnel

  Katherine Darras:

  Staff Contact

  kdarras@isda.org

  Relevant documents are available here.

• European Regulatory Committee

  The Regulatory Committee evaluates and responds to proposals from international banking and securities regulators as well as pan-European and individual country legislators. ISDA's primary objective is to help public policymakers arrive at a responsible and appropriate supervisory framework for a rapidly evolving financial marketplace in which derivatives are a fundamental component. By invitation only.

  Key Personnel

  Richard Metcalfe:	Staff Contact	rmetcalfe@isda.org
  Roger Cogan:	Staff Contact	rcogan@isda.org

  Relevant documents are available here.

• European Tax Committee

  The European Tax Committee (ETC) monitors and addresses emerging issues in taxation, liaising with representatives of major institutions and government organizations such HM Treasury (HMT) and Her Majesty's Revenue and Customs (HMRC) in the UK and other European civil service departments including the European Commission. The ETC reviews policy and operational issues arising from the current and proposed taxes and levies in the financial sector that may impact derivatives markets across Europe.

  Key Personnel

  Antonio Corbi:

  Staff Contact

  acorbi@isda.org

  Relevant documents are available here.

• FATCA Working Group

  This working group of the North America Tax Committee is creating standard form provisions to facilitate compliance with the Foreign Account Tax Compliance Act. Open to all members.

  Key Personnel

  Katherine Darras:	Staff Contact	kdarras@isda.org
  Mark New:	Staff Contact	mnew@isda.org

• FIA/ISDA Joint Working Group

  The Futures Industry Association (“FIA") and ISDA have established a joint working group whose main objective will be to collaborate in discussing principles and practices for Future Commission Merchants (“FCM”), Central Clearing Parties (“CCP”), Swap Execution Facilities (“SEF”) and other relevant cleared swap market stakeholders with respect to “clearing certainty”; that is, the mitigation or elimination of the risk that a trade is executed with the intention that it will be cleared but it is subsequently not accepted for clearing. The working group will examine CCP trade flow processing, the bilateral/trilateral frameworks for trades executed with one firm and cleared with another firm, and SEF and related CCP processing of cleared trades, with a specific focus on maximizing the efficiency of execution-to-acceptance flows, and increasing clearing certainty. By invitation only.

  Key Personnel

  Katherine Darras:

  Staff Contact

  kdarras@isda.org

• Financial Instruments with Characteristics of Equity

  This is a working group (WG) or subcommittee of the Accounting Committee and it was launched to discuss the IASB’s and FASB’s Exposure Drafts on Financial Instruments with Characteristics of Equity which is expected to be issued by 2011Q3. By invitation only.

  Key Personnel

  Antonio Corbi:

  Staff Contact

  acorbi@isda.org

  Relevant documents are available here.

• Financial Law Reform Committee

  All substantive legal matters around securities, insolvency, property/collateral law as well as conflict of law rules that affect cross-border derivatives transactions world wide. Please also see website for mission statement. Open to all members.

  Key Personnel

  Peter Werner:

  Staff Contact

  pwerner@isda.org

  Relevant documents are on the Financial Law Reform page in the Public Policy section.

• Give-Up Agreement - Global Group

  Working group to assist in the draft of a give-up agreement.

  Key Personnel

  David Geen:

  Staff Contact

  dgeen@isda.org

  Relevant documents are available here.

• Hedge Accounting Working Group

  This is a working group (WG) or subcommittee of the Accounting Committee and it was launched to discuss the IASB’s and FASB’s Exposure Drafts on Hedge Accounting. By invitation only.

  Key Personnel

  Antonio Corbi:	Staff Contact	acorbi@isda.org
  Huzefa Deesawala:	Staff Contact	hdeesawala@isda.org

  Relevant documents are available here.

• InFITAG (International Financial Instruments Technical Accounting Group)

  The International Financial Instruments Technical Accounting Group (InFITAG), was launched to discuss members' technical accounting issues and focuses on matters arising from the practical application of existing IFRS and US GAAP accounting standards. This forum is open by invitation only to members working in financial institutions and the discussions are confidential.

  Key Personnel

  Antonio Corbi:

  Staff Contact

  acorbi@isda.org

• Japan CCP DMP Working Group

  The Japan CCP DMP Working Group discusses issues in the default management processes (DMP) of central counterparties and work to set out the best practices of the process. The working group’s aim is to promote the development of the OTC derivatives market in Japan through successful implementation of CCPs. This is an invitation only group.

  Key Personnel

  Tomoko Morita:	Staff Contact	tmorita@isda.org
  Kumi Namba:	Staff Contact	knamba@isda.org

• Japan OTC Derivatives Regulations Working Group

  The Japan OTC Derivatives Regulations Working Group discusses legal, regulatory and practical issues including central counterparties that will become mandatory under the FIEA by November 2012. The working group’s aim is to promote the development of OTC derivatives market in Japan through successful implementation of CCPs.

  Key Personnel

  Tomoko Morita:

  Staff Contact

  tmorita@isda.org

• Joint Associations’ Committee on Liquidity Risk (JACLR)

  ISDA, LIBA and the BBA joint industry committee review all aspects of the forthcoming focus on liquidity and liquidity risk regulation. By invitation only.

  Key Personnel

  Peter Sime:

  Staff Contact

  psime@isda.org

  Relevant documents are available here.

• Legal Opinion Contacts Working Group

  The working group will exist to provide a forum to discuss and exchange ideas relating to the scope of ISDA Legal Opinions as well as other related topics.  Involvement in the working group is not mandatory and can be used as a means to stay updated on the work related to ISDA Legal Opinions.  Open to all members.

  Key Personnel

  Breda Walsh:

  Staff Contact

  bwalsh@isda.org

  Relevant documents are available here.

• Market Abuse Regulation Group

  The Market Abuse Regulation Group was created in October 2011 to follow up on the draft proposals on the revision of the Market Abuse Directive (MAD), progressing through the legislative process. The first draft proposal was adopted on 20 October 2011 by the European Commission. As such a consultative group was created to provide input/response on various draft texts as they emerge. At times, this group may have to respond in short timeframes, as the EU institutions move at a fast pace on this project. 

  By invitation only.

  Key Personnel

  David Fernandez Valdes:	Staff Contact	dfvaldes@isda.org
  Julia Rodkiewicz :	Staff Contact	JRodkiewicz@isda.org

• Market Disruption/Pricing Disruption Event Notification Working Group

  This global group will receive notifications when ISDA holds a member call to discuss whether a particular event qualifies as a Market Disruption Event (as defined in the 2002 ISDA Equity Derivatives Definitions) or a Pricing Disruption Event (as defined in the 2011 ISDA Equity Derivatives Definitions).  The group will also receive notifications when ISDA posts member consensus or market guidance on particular events. 

  Key Personnel

  Katherine Darras:	Staff Contact	kdarras@isda.org
  Clive Ansell:	Staff Contact	cansell@isda.org
  Jeffrey Kan:	Staff Contact	jkan@isda.org
  Kumi Namba:	Staff Contact	knamba@isda.org

• Market Risk Working Group

  This subgroup of the TBWG is for pure market risk issues (including VAR and stressed VAR).

  Key Personnel

  Peter Sime:

  Staff Contact

  psime@isda.org

  Relevant documents are available here.

• Markets in Financial Instruments Directive Consultative Group

  The purpose of the MiFID CG is to oversee and input into ISDA’s response to the European Commission’s public consultation on its review of MiFID, published on 8 December 2010.  Its membership closely parallels that of the EMIR CG given the linkages between EMIR and MiFID. By invitation only.

  Key Personnel

  Richard Metcalfe:	Staff Contact	rmetcalfe@isda.org
  Adam Jacobs:	Staff Contact	ajacobs@isda.org

  Relevant documents are available here.

• North America Accounting Committee

  The Accounting Committee discusses and examines current accounting policies and market practices as well as developments arising from accounting standard setters and the international harmonization of accounting standards. The Committee liaises with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and other national accounting standard setters, along with the Securities and Exchange Commission (SEC) in the US, the Commission of the European Union, and the UK's Department of Trade and Industry (DTI). The Committee has examined a wide range of issues including: financial instruments, fair value measurement, hedge accounting, disclosures and international harmonization. Open to all members.

  Key Personnel

  Huzefa Deeswala:	Staff Contact	hdeesawala@isda.org
  Antonio Corbi:	Staff Contact	acorbi@isda.org

  Relevant documents are available here.

• North American Tax Committee

  ISDA's Tax Committee monitors and addresses emerging issues in taxation.

  Key Personnel

  Mark New:	Staff Contact	mnew@isda.org
  Katherine Darras:	Staff Contact	kdarras@isda.org

  Relevant documents are available here.

• Rates Implementation Group

  Discuss Operational Implementation aspects in regard to deliverables. By invitation only.

  Key Personnel

  Catherine Brady:	Staff Contact	cbrady@isda.org
  Anna Box:	Staff Contact	abox@isda.org

  Relevant documents are available here.

• Operational Risk Working Group

  This group will consider issues of operational risk measurement, modeling and data aggregation.

  Key Personnel

  Peter Sime:	Staff Contact	psime@isda.org
  Richard Metcalfe:	Staff Contact	rmetcalfe@isda.org

• Section 2 (a) (iii) Working Group

  The group will consider potential amendments to Section 2(a) (iii). Open to all members.

  Key Personnel

  David Geen:	Staff Contact	dgeen@isda.org
  Kirsty Taylor:	Staff Contact	ktaylor@isda.org
  Jacqueline Low:	Staff Contact	jlow@isda.org

• Segregated Independent Amount Working Group

  The Segregated Independent Amount Working Group considers documentation amendments and sample provisions that facilitate the negotiation of contractual arrangements that provide for segregation of Independent Amounts with a third party custodian. By invitation only.

  Key Personnel

  Rosario Chiarenza:

  Staff Contact

  rchiarenza@isda.org

• U.S. Regulatory Committee

  The US Regulatory Committee's primary objective is to help public policymakers arrive at an effective, appropriate supervisory framework for the rapidly evolving financial marketplace in which derivatives are a fundamental component. The committee contributes to the development of ISDA’s policy positions and reviews and responds to initiatives from US policymakers.

  By invitation only.

  Key Personnel

  Mary Johannes:	Staff Contact	mjohannes@isda.org
  Christopher Young:	Staff Contact	cyoung@isda.org

  Relevant documents are available here.