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VM/IM Repapering: Learning the lessons from ‘Big Bang’

What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

Stop the Bus! I Want to Get Off! More Changes to VM Protocol…

Introduction With VM CSA repapering in full swing over at DRS, this article took a while longer to write than first anticipated.  It has now been two weeks since ISDA published another two supplemental rules exhibits further amending the ISDA 2016 Variation Margin Protocol (the “Protocol”) on 27 January 2017: Supplemental Rules Exhibit for Non-Netting […]

The ISDA 2016 Variation Margin Protocol: Boldly Going Where No Protocol Has Gone Before

The Final Frontier On 17 November 2016, ISDA published a “Supplemental Rules Exhibit” (the “EMIR Supplement”) to the ISDA 2016 Variation Margin Protocol (the “Protocol”).  The purpose of the EMIR Supplement is to enable adherents to the Protocol to integrate amendments for margin rules for OTC derivatives in order to achieve compliance with EMIR[1] into […]

ISDA`s flash public consultation on VM Protocol

On 19 July 2016, ISDA published the draft 2016 Variation Margin Protocol for public consultation. Comments must be submitted by Friday 29 July 2016. It is not in the habit of ISDA to hold a public consultation on its drafts – Protocols in particular are generally presented as a fait accompli. The initiative is to […]

German JMP joins the party

ISDA has today published the German Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol (the ISDA JMP). The ISDA JMP provides a framework to facilitate jurisdiction-specific compliance with contractual stay regulations for contracts governed by third-country laws; its structure and mechanism is reviewed in detail in this blog post. The German Jurisdictional Module […]

ISDA joins Spain to Universal Stay Protocol

ISDA have today published the first Country Annexe to the 2015 Universal Stay Protocol, adding Spain to the list of Protocol-Eligible regimes. The protocol enables adherents to comply with the cross-border application of specified special resolution regimes (SRRs). Protocol Covered Agreements are amended to include a regime-imposed stay on resolution triggered contract termination. The 2015 […]

Approaching Terminal Complexity? ISDA Publishes JMP

Introduction On 3 May 2016 The International Swaps and Derivatives Association (ISDA) launched the “ISDA Resolution Stay Jurisdictional Modular Protocol” (the “JMP”).  The JMP is designed to enable market participants to comply with regulations in a number of jurisdictions which, broadly, require banks to obtain consent from their counterparties for the inclusion of statutory stays […]

ISDA Publishes Section 871(m) Protocol

On 2 November 2015, ISDA published the ISDA 2015 Section 871(m) Protocol (the “Protocol”), designed to enable parties to amend the terms of ISDA Master Agreements to reflect the requirements of Section 871(m) of the U.S. Internal Revenue Code.  Broadly, from 1 January 2016, Section 871(m) will impose a 30% withholding tax on “dividend equivalent” […]

ISDA 2014 Resolution Stay Protocol stayed

On 26 August 2015, ISDA announced that the 2014 Stay Protocol is to undergo revisions. Although it remains open, it is not expected that any market participant would adhere at this time. On the same day, in its comment to the PRA Consultation Paper on contractual stays in financial contracts governed by third-country law, ISDA […]

The ISDA 2014 Collateral Agreement Negative Interest Protocol is so 2015

The ISDA 2014 Collateral Agreement Negative Interest Protocol (the “Protocol”) has received renewed attention recently, with ISDA hosting a Market Education Webinar to discuss the structure and content of the Protocol on 11 March 2015, followed by the publication of a Statement on Negative Interest Rates on 12 March 2015 and a Market Guidance concerning Interest […]

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