Through its global network of committees, members and industry experts from around the world collaborate to reach consensus on important industry issues, develop best practices and drive standardization to make the global derivatives markets safer and more efficient.
Members help shape the global policy and regulatory agenda
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Access to netting, collateral, clearing and e-contract opinions
ISDA continues to expand its netting, collateral, clearing and e-contract opinions to cover more jurisdictions and include additional counterparty types. The opinions are made available, along with regular updates, only to ISDA members.Explore Opinions Overview
Netting Opinions covering 81 jurisdictions
Collateral Opinions covering 59 jurisdictions
A Master Agreement has established international contractual standards governing privately negotiated derivatives transactions that reduce legal uncertainty and allow for reduction of credit risk through netting of contractual obligations. Ensuring the enforceability of the netting provisions of the ISDA Master Agreement remains a key initiative for the Association. The ISDA netting opinions address the enforceability of the termination, bilateral close-out netting and multibranch netting provisions of the 1992 and 2002 Master Agreements. In addition, ISDA has commissioned legal opinions on the enforceability of the ISDA Credit Support Documents in various jurisdictions.
Clearing Member Reliance Opinions covering 51 jurisdictions
Client Reliance Opinions covering 21 jurisdictions
FCM Reliance Opinions covering 22 jurisdictions
ISDA has addressed the enforceability of the close-out, set-off and default provisions of the ISDA/FIA Client Cleared OTC Derivatives Addendum (the “P2P Addendum”) when used in conjunction with the form of the Master Agreement. It works in conjunction with an existing master agreement to facilitate the standardized documentation of client clearing and to support delivery of the client protections used by central counterparties on the default of a clearing member.
ISDA has published a number of clearing-related legal opinions to assist ISDA members to apply the risk weightings under CRR Article 305. One of the conditions to apply the reduced risk weightings under Article 305 is that the client of a clearing member has a legal opinion that it would bear “no losses” on account of the insolvency of its clearing member or any of the clearing member’s clients under the laws of the jurisdiction of various related entities.
ISDA and FIA jointly commission and publish, for the benefit of their members, legal reviews addressing the enforceability of a US-registered FCM’s close-out and netting rights vis-à-vis its customers in various jurisdictions under the FIA-ISDA Cleared Derivatives Addendum.
E-contract Opinions covering 50 jurisdictions
ISDA’s e-contract opinions look at the enforceability of electronically executed and electronically confirmed contracts under the laws of various jurisdictions in the context of transactions under the ISDA Master Agreement which may be entered into by means of electronic data interchange or other means of electronic communication.
Extracts data from the opinions and presents an online report, updated annually
Creating value for members by developing cost-effective and consistent mutualized solutions
ISDA produces a range of communication tools, such as email newsletters, blogs, websites and a quarterly magazine, to keep our membership up to date on industry and Association developments. Email addresses registered with Membership automatically begin to receive news releases and news alerts, the monthly ISDA In Review, the weekly Global Regulatory Update and notifications about blog posts.Learn More
For the purpose of assessing dues, Primary Members fall into four sub-categories: Global, International, Regional and Emerging. Distinction is made solely for dues assessment and does not affect a Primary Member’s privileges.
Dues are pro-rated quarterly during the first year to reflect the time of entry into the Association. ISDA membership runs on the calendar year.
For institutions with substantial swaps and derivatives business conducted across most or all financial centers around the world.
For institutions that conduct swaps and derivatives business across at least two regions.
For institutions that conduct business primarily within their own country and/or region.
For institutions based in countries that qualify for reduced fees.
ISDA Membership is corporate so all staff at member organizations can take advantage of the membership benefits. Membership extends to all eligible subsidiaries of the member company. Any applicant seeking election to any class of membership in the Association should make a written application. The ISDA Board of Directors elects the members of the Association.Go to Membership Application
Contact the relevant ISDA office for more information on becoming a member and the annual dues.