- Legal & Documentation
- Public Policy
- Risk Management
- Market Infrastructure and Technology
- ISDA WGMR Implementation Initiative
- Accounting & Tax
- Protocol Management
- Data, Reporting and FpML
ISDA 2016 Variation Margin Protocol
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.
- View Adhering Parties
- Submit Adherence Letter
- ISDA 2016 Variation Margin Protocol
- Market Guidance on Standardization of the ISDA Variation Margin CSA
- US Law Opinion - 2016 VM Protocol Agreement
- English Law Opinion - 2016 VM Protocol Agreement
- Original November 17, 2016 version of EMIR Supplements (superseded)
- Getting Ready for the March 1, 2017 Variation Margin Requirements: What Steps Do I Need to Take?
- How to approach the ISDA 2016 Variation Margin Protocol
- ANNOTATED VERSION - ISDA 2016 Variation Margin Protocol Questionnaire
- Flowchart to determine whether parties have Matched Questionnaires under the Protocol
- Series of three videos on Preparing for the Variation Margin Rules
- Webcast on the Launch of the Variation Margin Protocol
- Getting Ready for Margining page