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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 86 jurisdictions
Collateral Opinions covering 64 jurisdictions
The ISDA 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. ISDA has published netting opinions covering over 80 jurisdictions and collateral opinions covering over 60 jurisdictions. The opinions are generally updated on an annual basis. The status of such updates is available here.
ISDA has also published informal country updates for jurisdictions where it does not currently have a netting opinion. Such informal country updates are available here. An overview of all jurisdictions currently covered by either a netting opinion or informal country update can be found here.
Clearing Member Reliance Opinions covering 55 jurisdictions
Client Reliance Opinions covering 28 jurisdictions
FCM Reliance Opinions covering 24 jurisdictions
Principal to Principal Model (P2P) 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. The P2P Addendum works in conjunction with an existing master agreement to facilitate the standardised documentation of client clearing and to support delivery of the client protections used by central counterparties on the default of a clearing member. The P2P Addendum operates on the principal-to-principal client clearing model and is designed to operate on a cross CCP basis in conjunction with any non-US CCP that adopts a client clearing structure capable of being used with the P2P Addendum. ISDA's client clearing opinions are produced either for reliance by a clearing member entering into a P2P Addendum with a client located in a particular jurisdiction or for reliance by a client entering into a P2P Addendum with a CM located in a particular jurisdiction.
CRR Article 305(2)(c) 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. A modular architecture has been used to prepare these opinions.
US FCM Model 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. These legal reviews are based on assumptions regarding the content of the underlying futures and options agreement that is supplemented by the FIA-ISDA Cleared Derivatives Addendum between an FCM and a customer. ISDA and FIA also commission and publish, for the benefit of their members, legal reviews addressing the ability of customers to net against their respective FCMs, when using the FIA-ISDA Cleared Derivatives Addendum and against three CCPs that support the FCM model of clearing (CME, ICE and LCH).
E-contract Opinions covering 67 jurisdictions
Contracts are increasingly being formed and executed electronically. Several countries around the globe, including the Middle Eastern and Asia-Pacific regions, have enacted legislation in the area of electronic commerce based on various types of UNCITRAL model provisions and treaties, e.g., the 2005 UN Convention on the Use of Electronic Communications in International Contracts, the 1996 UNCITRAL Model Law on Electronic Commerce and the 2001 Model Law on Electronic Signatures. These instruments include provisions relevant to financial contracts, including foreign exchange and securities transactions. 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. A copy of a webinar ISDA held on electronic execution in April 2020 in light of COVID-19 is available here.
Extracts data from the opinions and presents an online report, updated annually
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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.