November 8, 2013

ISDA Publishes the ISDA 2013 ICE Brent Protocol

The ISDA 2013 ICE Brent Protocol offers market participants an efficient way to amend the terms of certain derivatives transactions to address the impact of the decision by ICE Futures Europe (“ICE”) to (i) change expiry dates for ICE Brent futures and options contracts to a month-ahead expiry calendar with respect to March 2016 and later contract months and (ii) require a cash adjustment as a result of such change (the “ICE Brent Transition”). 

The cut-off date for this Protocol is November 22, 2013 (17:00 NY time).  ISDA does, however, reserve the right to reopen adherence to this Protocol by giving 3 days’ prior notice on the ISDA website. 

The Protocol can be accessed on the ISDA Protocol Management Page