ISDA 2016 Variation Margin Protocol

Open from August 16, 2016

The ISDA 2016 Variation Margin Protocol is designed to help market participants comply with new rules on margin for uncleared swaps, by providing a scalable solution to amend derivatives contract documentation with multiple counterparties. The Protocol addresses documentation changes necessary to comply with the variation margin requirements that will apply to a large number of market participants in various jurisdictions from March 2017.

* December 16, 2016 update: revised supplemental Protocol terms for the European EMIR regime have been published and added to the Protocol webpage 
in place of the original EMIR supplements published on November 17, 2016. The November 17 versions are available for information at the link below.

Please refer to the “Frequently Asked Questions” and educational materials below for more information on the background and substance of the Protocol.

The Protocol is open to ISDA members and non-members. Parties will pay a one-time fee of $1,000 to ISDA to adhere to the Protocol. There is no cut-off date to this Protocol. ISDA does, however, reserve the right to designate a cut-off date by giving 30 days’ notice on this site.



Educational Materials