United States


DateTitle / DescriptionDocuments
June 15, 2015
Petition for Rulemaking to Amend Parts 1 (General Regulations under the Commodity Exchange Act), 37 (Swap Execution Facilities) and 43 (Real-Time Public Reporting) of the Commodity Futures Trading Commission Regulations
ISDA respectfully petitions the Commodity Futures Trading Commission (CFTC) under Commission regulation 13.2 to amend certain provisions in Parts 1, 37 and 43 of the Commission’s regulations. ISDA requests that the Commission amend certain provisions of the Commission’s regulations to more closely adhere to Congressional intent to establish a swaps trading platform regime that allows for flexible execution of swaps, to reduce undesirable regulatory outcomes that threaten the efficient functioning of markets, and to achieve cross-border harmonization of execution rules.
ISDA CFTC Petition.pdf
April 1, 2015
Path Forward for Centralized Execution of Swaps: Key Principles
The execution of standardized derivatives on an exchange or electronic trading platform was a key objective from the G-20 summit in 2009, and regulations have either been implemented or are being developed in several key jurisdictions. However, ISDA and its members are concerned about the potential for divergences in how these rules are applied in each jurisdiction, which could lead to market fragmentation, low trading liquidity, duplicative compliance requirements and increased risk. This paper sets out common principles to help ensure regulatory consistency of centralized trading rules, and so facilitate equivalence and substituted compliance determinations.
Path Forward for Centralized Execution of Swaps FINAL.pdf
February 24, 2015
Public comment on the IOSCO Task Force on Cross-Border Regulation Consultation Report
ISDA appreciates the International Organization of Securities Commissions (IOSCO) Task Force on Cross-Border Regulation’s engagement with the industry throughout this consultation process. ISDA has previously submitted comments to the Task Force on a number of specific issues, and highlighted how OTC derivatives markets have been affected by a lack of effective cross-border regulatory harmonization. OTC derivatives markets have historically been the most global in nature of all financial markets, and the absence of consistency in regulatory reform is having a direct impact on these markets as a result. We appreciate the efforts of the Task Force, in this latest Consultation Report, to identify tools at a regulator’s disposal to address cross border regulation. In this letter, ISDA reiterates how cross-border regulatory harmonization could be achieved, and suggests ways in which IOSCO can reduce undesirable regulatory outcomes that threaten the efficient functioning of markets.
IOSCO Cross Border consultation response for submission.pdf
May 29, 2014
IOSCO Task Force on Cross-Border Regulation invitation for industry submissions
ISDA appreciates the IOSCO Task Force on Cross-Border Regulation’s engagement with the industry at meetings in Hong Kong on April 7, London on April 25 and Washington, DC on April 28, 2014. Further to discussions during those meetings, ISDA wishes to comment on a number of specific issues, and highlight how OTC derivatives markets have been affected by a lack of effective cross-border regulatory harmonization. OTC derivatives markets have historically been the most global in nature of all financial markets, and the absence of consistency in regulatory reform is having a direct impact on these markets as a result. This also affects other product areas and, more importantly, threatens the efficiency with which ‘real economy’ end-users can manage and transfer business risk to financial markets.
IOSCO Letter Cross Border 5 29.pdf
March 7, 2014
Request for Comment on Application of Commission Regulations to Swaps Between Non-U.S. Swap Dealers and Non-U.S. Counterparties Involving Personnel or Agents of the Non-U.S. Swap Dealers Located in the United States
ISDA Letter to CFTC.
59777RobertPickel.pdf
February 10, 2014
Notice of Proposed Rulemaking – Position Limits for Derivatives (RIN 3038-AD99)
ISDA/SIFMA Comment Letter to CFTC.
FINAL ISDA-SIFMA Position Limits NPRM Comment Letter (Feb  10 with Annexes).pdf
February 4, 2014
Reference Materials - ISDA Protocol and EU/US Comparison
Overview_of_USEU_Reforms_Final.pdf Protocol_Relevance_Final.pdf
October 11, 2013
Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement
**ISDA has updated the DFP2 to EMIR Top Up Agreement as of 11th October 2013 to correct some minor typographical errors. The updated version and blackline are posted here**. On September 10, ISDA published the DFP2 to EMIR Top Up Agreement. This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol (“DFP2”) and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (“EMIR Protocol”) in addition to this. The explanatory memo is provided to assist in your consideration of the DFP2 to EMIR Top Up Agreement. This document is designed to facilitate compliance with EMIR and Dodd Frank - this document extends DFP2 to cover EMIR compliance “add-ons”.
EMIR PORTFOLIO RECONCILIATION, DISPUTE RESOLUTION AND DISCLOSURE_Explanatory_Note.pdf DV - ISDA top up Sept vs Oct.doc ISDA DF2_EMIR_top_up_bilateral_agreement_Final - Oct correction.doc
October 9, 2013
CDS on US Sovereign Debt - FAQ
Responses to some frequently-asked questions that ISDA has received in connection with a potential CDS Credit Event on US sovereign debt. This does not constitute legal advice, and is subject in all respects to any determination that the ISDA Americas Credit Derivatives Determinations Committee may make in relation to CDS referencing the United States. ISDA makes no comment on the likelihood of the events described in this FAQ.
CDS on US Sovereign Debt FAQ 2013-10-09.pdf
August 20, 2013
Methodology for Regulatory Comparisons (Substituted Compliance)
This paper sets forth ISDA’s views regarding a conceptual framework and substantive processes for inter-jurisdictional recognition of derivatives regulation through a principles-based substituted compliance methodology. Our framework prioritizes achievement of the G-20 goals for OTC derivatives.
Methodology for Regulatory Comparisons 20130820.pdf