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
The source for global industry standards in documentation
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.
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 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
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.
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.
Access to best practices and milestones on new infrastructure through working group involvement.
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.
As key market events occur, ISDA sponsors discussions on how these will be interpreted under relevant documentation.
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.
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.
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.
Stay up to date with developments in important industry governance groups.
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.
Join regular Working Group calls in various areas that give updates on changes in the market and address day-to-day issues.
ISDA’s technical ability and specialist focus set it a class apart in its domain.
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.
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.
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.)
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.
For investment and trading firms with $10 billion or more in assets under management, and very large asset management firms.
For all other derivatives end-users.
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.