Global Network, Policy Development, Advocacy and Networking
Global Network of Industry Experts
Global Network of Industry Experts
Collaborate with peers and industry experts worldwide through ISDA’s global network of committees. Members work together to solve shared challenges, develop best practices, and drive standardization—making the derivatives markets safer and more efficient.
- Brings together a diverse range of industry participants who share their expertise to solve common challenges and develop innovative solutions.
- Members can use the My ISDA Committee Dashboard to:
- Join or leave groups
- View and download working group materials
- See upcoming meetings at a glance
- Add meeting invitations directly to your calendar
- Identify your firm’s subject matter experts
- See which colleagues are in your groups
- Easily search and filter by group or keyword
- Email the ISDA lead for the group directly
- View the full list of ISDA Committees
Policy Development, Advocacy and Regulatory Initiatives
Policy Development, Advocacy and Regulatory Initiatives
Join ISDA and help shape the global regulatory and policy agenda.
ISDA provides a forum for market participants to collaborate on best practices and develop unified policy and regulatory positions.
- Engages continuously with regulators and policymakers worldwide to strengthen and grow the derivatives industry
- Promotes the role of derivatives as essential risk management tools through fact-based, credible advocacy
- Supports members in meeting regulatory requirements, including margin for non-cleared swaps, trade execution, capital rules, clearing, market infrastructure, data, and reporting.
The Standard-Bearer
The Standard-Bearer
The definitive source for global industry standards in derivatives documentation.
- ISDA’s Master Agreement and related documentation, supported by legal opinions on close-out netting, have significantly reduced credit and legal risk across the industry.
- ISDA documentation evolves continuously to reflect changing market conditions and regulatory requirements.
- The ISDA Library offers digital access with search and comparison tools. New members receive a six-month free trial, including Enterprise-level access, the ISDA Clause Library, and Enterprise-Plus (for swap dealers).
- After the trial, members benefit from discounted My Library rates.
- The ISDA Clause Library provides standard drafting options and common variants to support digital adoption via ISDA Create.
- Enterprise-Plus enables swap dealers to share official ISDA documents with clients to comply with CFTC Regulation 23.431(a)(2).
Industry Profile, Networking, and Events
Industry Profile, Networking, and Events
- Build and maintain a reputation in the industry as sophisticated, risk-sensitive, and fully engaged with current market and policy issues.
- Benefit from preferred speaking opportunities at ISDA conferences, events, and webinars
- Enjoy reduced member rates on event registrations, with free attendance often available for buy-side firms
- Attend the ISDA Annual General Meeting (AGM)—our premier event featuring senior executives, global regulators, and high-level insights on industry trends, along with valuable networking opportunities.
- Exclusive sponsor and networking opportunities at high-profile industry events.
- Join exclusive member-only meetings and webinars—held in person and virtually—covering the latest market and regulatory issues.
- Nominate rising talent at your firm for the ISDA Future Leaders in Derivatives (IFLD) program. It aims to shape the future of the derivatives market by recognizing a diverse group of emerging leaders. Learn more
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 OverviewNetting and Collateral Opinions
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Netting Opinions covering 89 jurisdictions
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Collateral Opinions covering 65 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.
Client Clearing Opinions
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Clearing Member Reliance Opinions covering 57 jurisdictions
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Client Reliance Opinions covering 34 jurisdictions
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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.
CRR Article 305(2)(c) opinions – Note to ISDA members
CRR Article 305(2)(c) opinions status
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
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E-contract Opinions covering 73 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.
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 the industry by developing cost-effective and consistent mutualized solutions
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 Buy Side Newsletter
- 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.
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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.
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Infrastructure
Access to best practices and milestones on new infrastructure through working group involvement.
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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.
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Market Events
As key market events occur, ISDA sponsors discussions on how these will be interpreted under relevant documentation.
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Education
Reduced rates to ISDA conferences, which cover pressing developments in derivatives markets such as Basel III implementation, Treasury clearing mandates, digital asset derivatives, ESG-linked documentation, margin and collateral optimization, and operational resilience. Many events are now free for buy-side firms.
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Upcoming Initiatives
While Dodd-Frank and EMIR laid the groundwork for regulatory reform, ISDA continues to focus on evolving global priorities such as Basel III implementation, Treasury clearing mandates, benchmark reform, ESG and sustainable finance, CCP recovery and resolution, non-cleared margin and capital requirements, and the growth of digital assets and technologies like smart contracts. ISDA membership gives firms a seat at the table on these critical issues—early engagement is far more cost-effective than reacting later.
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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.
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Industry Governance
Stay up to date with developments in important industry governance groups.
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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.
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Working Groups
Join regular Working Group calls in various areas that give updates on changes in the market and address day-to-day issues.
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Resources
ISDA’s technical ability and specialist focus set it a class apart in its domain.
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ISDA Buy Side Newsletter
End users of derivatives account for a greater proportion of ISDA’s membership (46%) than dealers (21%) or service providers (33%) and their input into our initiatives is critical to ensuring an outcome that works for the whole market. As some buy-side members may not have large teams of lawyers and operational specialists to keep tabs on the huge variety of ISDA’s working group initiatives, ISDA’s Quarterly Buy Side Newsletter is designed to provide a quick, accessible overview of the latest issues that may be of interest. It contains links to further information and for joining relevant working groups and key ISDA contact details. Members can access the newsletter archive: ISDA Buy Side Newsletter
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 ApplicationContact Us
Contact the relevant ISDA office for more information on becoming a member and the annual dues.