End Users

Subscriber Membership

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End Users

Members include corporations, financial institutions, supranationals, government entities, and others that use derivatives to better manage financial risks. Subscriber Membership provides a forum for industry participants to stay up to date with and influence important developments and initiatives. Any person or entity (including, without limitation, end-users) not eligible for membership in the Association as a Primary Member or Associate Member shall be eligible for membership in the Association as a Subscriber.

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Global Network, Policy Development, Advocacy and Networking

Global Network of Industry Experts

Global Network of Industry Experts

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.

  • Includes a diversity of industry participants who share their expertise and knowledge to find common solutions to shared problems and challenges
  • My ISDA Committee Dashboard allows members to easily and securely manage their ISDA committees and meetings online—join and leave groups and review and download all working group content, including the meeting schedule and calendar invites

Policy Development, Advocacy and Regulatory Initiatives

Policy Development, Advocacy and Regulatory Initiatives

Members help shape the global policy and regulatory agenda

  • Provides a forum for market participants to discuss best practices and develop legislative and regulatory policies and positions
  • Engages continuously with a broad range of regulators and policy-makers on a global level to strengthen and grow the derivatives industry
  • Advances the understanding and treatment of derivatives as a risk management tool through fact-based advocacy
  • Helps members meet regulatory requirements such as margin for non-cleared swaps, trade execution, capital requirements, clearing, market infrastructures, data and reporting

The Standard-Bearer

The Standard-Bearer

The source for global industry standards in documentation

  • ISDA’s pioneering work in developing the ISDA Master Agreement and a wide range of related documentation, and in achieving certainty in close-out netting enforceability though netting and collateral opinions, has helped to significantly reduce credit and legal risk
  • ISDA documents continue to evolve to reflect market and regulatory changes
  • ISDA MyLibrary, a new electronic documentation platform, and the ISDA Online Library offered to members at a significantly reduced rate and to new members on a free six-month trial basis
  • OL Plus enables swap dealers that are current ISDA Online Library subscribers to access the ISDA Definitions booklets and other ISDA documentation and send them to clients as part of their compliance with CFTC Regulation 23.431(a)(2) requirements
  • Reduced member rate for the ISDA Clause Library, a tool that sets out standard drafting options for frequently negotiated provisions within the ISDA Master Agreement, as well as the most common variants of these provisions
  • Reduced rates for publications

Industry Profile, Networking, and Events

Industry Profile, Networking, and Events

  • Maintain a reputation in the industry as sophisticated, risk sensitive and fully engaged with current issues
  • The ISDA Annual General Meeting (AGM) delivers must-have intelligence on key industry issues, led by senior industry executives and regulators from across the globe, and provides an opportunity for delegates to network and make new contacts
  • Member firms are the preferred speakers at ISDA conferences, events and webinars
  • Reduced member rates on conference registrations
  • Exclusive exhibit, sponsor and networking opportunities
  • Member-only local meetings, conference calls, and webinars held throughout the year to inform participants about current industry topics

ISDA Legal Opinions

A Key Credit Risk Mitigation Tool

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 and Collateral Opinions

  • 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.

Ability for members to access and rely on ISDA netting and collateral enforceability opinions to meet independent legal review requirements under European Market Infrastructure Regulation (EMIR) margin rules for non-cleared swaps. Banks and other financial institutions have relied on ISDA’s opinions for capital purposes for many years, but the EMIR margin rules now apply to a much broader range of financial counterparties.

Client Clearing Opinions

  • Client Clearing 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

  • 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.

The Importance of Close-Out Netting and Offsetting Mechanisms

aosphere Online Legal Services

Extracts data from the opinions and presents an online report, updated annually

  • Each report is traffic-light color-coded and details problematic counterparty/transaction types in each jurisdiction
  • Subscribers have unlimited access across their organization and the information can be accessed in any location at any time on a standardized basis
  • Only available to ISDA members by subscription
  • Includes a free trial of netalytics, CSAnalytics and diligence for two jurisdictions from each service for up to three months. Learn More

Innovation Thought Leadership

Creating value for members by developing cost-effective and consistent mutualized solutions

Capital & Margin Solutions

Capital & Margin Solutions

  • ISDA benchmarking of standardized approaches (SA) helps firms and regulators achieve consistency and accuracy in implementation of FRTB, CCR & CVA models
  • Adoption of ISDA SIMM, a standardized methodology for calculating initial margin requirements for non-centrally cleared derivatives adopted by most, if not all, banks
  • Promoting global harmonization of risk-appropriate rules as evidenced by ongoing impact analysis
  • Promoting ISDA’s Common Risk Interchange Format (CRIF) as the standard for risk data reporting and processing enhanced by leveraging the ISDA Common Domain Model (CDM)

Post Trade Solutions

Post Trade Solutions

  • Developing automated derivatives lifecycle solutions (STP):
  • Focusing on collateral lifecycle innovation
  • Deploying CDM-based data and product solutions
  • Facilitate industry development of efficient practices for derivatives products compliant with regulatory mandates

Clearing and Trading Solutions

  • Providing thought leadership in CCP risk management, resiliency, recovery and resolution
  • Promoting consistent trading, clearing and reporting rules

Legal Documentation Solutions

Legal Documentation Solutions

  • Providing legal opinions covering 80+ jurisdictions, including e-contract opinions used to document derivatives and SFTs
  • Developing documents and opinions to support stock loans and repos under the ISDA Master Agreement
  • Providing thought leadership with DLT and Smart Contract papers facilitating industry and regulatory discussion
  • Creating a digital pathway for all ISDA documentation and effective use of smart derivatives contracts
  • Further development of the ISDA Create platform and supporting ISDA MyLibrary
  • New 2021 ISDA Interest Rate Derivatives Definitions, the first natively digital definitions booklet published exclusively on ISDA MyLibrary
  • ISDA Clause Library expanded to cover ISDA’s collateral documentation
  • Clause Library standard drafting options now integrated within ISDA Create, and the operational representations of these clauses are being modelled using ISDA CDM
  • At the forefront of benchmark reform and transition from LIBOR, ISDA recently launched the IBOR Fallbacks Supplement and Protocol

CDM & Data Solutions

CDM & Data Solutions

  • Defining standard product lifecycle taxonomies for derivatives, repo and securities finance
  • Delivering alignment of industry standard models, e.g. FpML and CDM
  • Implementing CDM through industry partnerships
  • Ensuring solutions are technology-agnostic and open source
  • Digital Regulatory Reporting (DRR) initiative to enable all firms to interpret and implement regulatory reporting rules consistently via a common, readable code

Resources and Access to Information

Market Information

  • Early knowledge of industry changes and the opportunity to influence those changes
  • Acquire knowledge of ‘best/new terms’ and new ideas across all aspects of the derivatives business
  • Regular updates on policy papers, response letters, market survey data and communications on key business issues that ISDA and its consultants generate

ISDA Staff

  • Access to dedicated staff in product areas, regulation, legal and operations available to discuss current market topics and assist with navigating the full extent of ISDA resources
  • The depth of knowledge and product expertise of our staff makes the communications between ISDA and the regulatory community much more effective

Member Communication and Research

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
  • Blog Post Notifications
  • derivatiViews: ISDA’s CEO informal comments
  • IQ: ISDA Quarterly magazine
  • ISDA dailyLead
  • ISDA Global Regulatory Update
  • ISDA In Review
  • ISDA News Releases
  • ISDA Swaps Info Weekly Analysis
  • ISDA-Clarus RFR Adoption Indicator
  • OTC Derivatives Compliance Calendar
  • Research Notes
  • Studies and Surveys
  • The Present Value
  • The Swap – ISDA’s new monthly podcast

Buy-side Benefits of Membership

The ISDA Board includes representatives from buy- and sell-side institutions, as well as critical market infrastructure firms, to ensure broad representation of the derivatives market. ISDA continues to expand its buy-side membership through innovative programs and benefits, such as those below.

  • Opinions

    Do you need to perform an independent legal review of your netting and collateral arrangements for EMIR compliance purposes? The ISDA netting and collateral enforceability opinions can serve as a way for you to meet these requirements.

  • Infrastructure

    Access to best practices and milestones on new infrastructure through working group involvement.

  • Documentation

    Buy-side firms are encouraged to fully participate in ISDA working groups to ensure their requirements and concerns are incorporated into ISDA documentation projects and advocacy. Participating in the discussion and knowing how the industry approaches outcomes in documentation allows firms to better understand standardized documentation.

  • Market Events

    As key market events occur, ISDA sponsors discussions on how these will be interpreted under relevant documentation.

  • Education

    Reduced rates to ISDA conferences, which provide information on recent developments on a variety of topics, such as regulatory reporting, margin for non-cleared derivatives, benchmarks, and CCP recovery and resolution. Many ISDA events are now free for buy-side firms.

  • Upcoming Initiatives

    The Dodd-Frank Act and EMIR implementation have been critical issues in recent years—and continue to be an important focus. ISDA membership enables firms to have a voice in these and other key issues, such as benchmark reform, ESG and sustainable finance, CCP recovery and resolution, non-cleared margin requirements, capital requirements and implementation of new technologies like smart contracts. Having a voice on these issues early on is more cost-effective than playing catch-up later on.

  • Industry Profile

    Allows your firm to maintain a reputation as engaged, sophisticated on the issues and sensitive to risk. Involvement with ISDA working groups and participation in industry conferences provides opportunities to maintain relationships with the relevant legal and documentation staff at firms across the market.

  • Industry Governance

    Stay up to date with developments in important industry governance groups.

  • Advocacy and Regulatory Initiatives

    ISDA interacts continually with a broad range of regulators on a global level. The depth of knowledge and product expertise of ISDA’s staff makes its communication with the regulatory community extremely effective. Regular updates are provided to ISDA members, which have the opportunity to make their voice heard.

  • Working Groups

    Join regular Working Group calls in various areas that give updates on changes in the market and address day-to-day issues.

  • Resources

    ISDA’s technical ability and specialist focus set it a class apart in its domain.

Subscriber Membership Dues

For the purposes of assessing dues, Subscriber Members fall into five sub-categories: Financial Company, Regulated Bank, Investment and Trading, Global Investment Trading Firm, and Subscriber Regular.

The distinction is made solely for dues assessment and does not affect a Subscriber 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.

Financial Company

For a corporation, partnership, government agency or other entity which is not eligible as either a Primary Member or Associate Member, the principal business or businesses of which are primarily financial in nature (a “non-dealer financial firm”) and which is not an Investment and Trading Firm or a Regulated Bank. These firms, or the principal activities in which they engage, are typically subject to regulation by banking, securities or insurance regulators, and a substantial number of their clients or customers may not be sophisticated investors.

Regulated Bank

For a non-dealer financial firm that is regulated as a bank by one or more banking regulators and that is subject to rules on regulatory capital similar to those developed by the Basel Committee on Banking Supervision pursuant to adoption or implementation of those rules at the national level. (Membership provides access to ISDA’s legal opinions, a key credit-risk reduction tool.)

Investment and Trading Firm

For a non-dealer financial firm, the derivatives-related activity of which is in connection with investing and trading for the firm’s own account or for the account of clients of the firm that are sophisticated investors. These firms or the funds that they manage may be, but are typically not, subject to regulation by banking, securities or insurance regulators.

Global Investment Trading Firm

For investment and trading firms with $10 billion or more in assets under management, and very large asset management firms.

Subscriber Regular

For all other derivatives end-users.

Becoming a Subscriber Member

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 Us

Contact the relevant ISDA office for more information on becoming a member and the annual dues.