ISDA

ISDA CEO Scott O'Malia has published a new derivatiViews blog about challenges in the inflation swaps market caused by the US Bureau of Labor Statistics confirming that it would not publish an October figure for the consumer price index. The post describes the recommended solution – which is voluntary and is set out in a market practice note – for firms to use the fallback methodology applicable for Treasury inflation-protected securities to determine a substitute October level for the Consumer Price Index for All Urban Consumers. “Without such action, the ad hoc use of inconsistent approaches would have inevitably produced discrepancies, a lack of price transparency for clients and unnecessary friction in the market. Instead, we brought together key stakeholders to arrive at a consensus position that creates certainty and consistency and reduces operational and commercial disruption, enabling the inflation swaps market to continue to operate safely and efficiently,” writes O’Malia. Read the article here: https://lnkd.in/eM_rH9Th Read the market practice note here: https://lnkd.in/eMBNzrnY

ISDA Webinar: Artificial Intelligence and the Common Domain Model – Ark51’s Journey to Digitize ISDA Documentation Join Vernon Alden-Smith of ISDA and Paul Hands of Ark 51 as they discuss production-ready developments using artificial intelligence (AI) and the Common Domain Model (CDM) to digitize ISDA documentation. Learn how Ark 51 developed AI tools to convert PDFs of initial margin and variation margin credit support documents, along with eligible collateral schedules, into CDM output, reducing onboarding time, improving data analysis and mitigating collateral-related valuation disputes. A link to the webinar recording will be shared with all registrants. Speakers: Vernon Alden-Smith, Director, Collateral Initiatives (ISDA) Paul Hands, Chief Technology Officer (Ark 51) The webinar will take place on Wednesday, December 10, at 10am ET / 3pm GMT and will be hosted via Zoom. All participants must register in advance to attend the webinar by clicking here: https://lnkd.in/eJZ-f9gm

ISDA is continuing to bang the drum for appropriate, risk-sensitive capital requirements as the EU, UK and US move to finalize trading book capital rules to complete the Basel III framework, writes ISDA chief executive Scott O'Malia in a new derivatiViews blog. In the US, regulators are revising the Basel III endgame proposal following industry feedback, with a new proposal expected in the coming months. In the EU and the UK, the Fundamental Review of the Trading Book is now due to be implemented in just over a year’s time, at the start of 2027, but the European Commission is consulting on changes to the framework that would bring short-term relief in key areas. “If the capital framework is disproportionate and inconsistently implemented, economies and companies will suffer from reduced access to funding, lack of hedging and increased vulnerability to external shocks. So, as we look ahead to 2026, the effective completion of the Basel III reforms is at the top of our agenda,” writes O’Malia. Read the blog post here: https://lnkd.in/e_YcTXXW

Get ready for the most anticipated event in the derivatives calendar...The ISDA Annual General Meeting! On April 28 - 30, 2026 in Boston, global market leaders, innovators and policymakers will meet to exchange ideas and help shape the future of the industry.     Join us for 3 days of engaging discussions, insights and unmatched networking opportunities with the people driving progress across financial markets. Registration is now open! Register before December 31st to take advantage of special 2025 only promo pricing. Details here: https://lnkd.in/ed69FvAy #isdaagm

Join ISDA and Global Digital Finance for an online webinar on December 3 at 11am ET about the January 2026 launch of the US Tokenized Money Market Fund Working Group. Register here: https://luma.com/866pqg9l   The working group will build on GDF’s latest report, The Case for Collateral Mobility in Europe & The UK using Money Market Funds. Read the report here: https://lnkd.in/e9NGNQXU   The webinar will cover the scope and objectives of the US working group across two streams 1) Legal, Ops and Regulatory 2) Industry Sandbox, along with the requirements and expectations for individuals and firms wishing to participate in the working group.

The results of the case for #collateral #tokenization survey have been published. Developed by ISDA, International Securities Lending Association (ISLA), ISSA - Intl Securities Services Association, Nasdaq and The ValueExchange, the report brings statistical clarity to how firms across the globe are preparing for tokenized collateral and where the biggest benefits, risks and operational changes lie. Click here to read the report: https://lnkd.in/evKZ8BY8

ISDA has published a new report that examines key findings from the 2025 Bank for International Settlements – BIS triennial survey. The report shows that global interest rate derivatives (IRD) average daily turnover rose by nearly 60% to $7.9 trillion in April 2025 from $5.0 trillion in April 2022. The increase was driven by strong growth in euro-denominated IRD trading, which surpassed US-dollar-denominated instruments to account for the largest share of global turnover. The UK strengthened its position as the leading global center for IRD trading, while EU-based sales desks recorded a marked increase as more euro-denominated transactions migrated to continental Europe. US-based turnover also grew but at a slower pace, resulting in a smaller global share in April 2025 than in April 2022. Hear from ISDA’s head of research, Olga Roman, CFA Roman, on the key findings from the report. Click here to read the full report: https://lnkd.in/eCS88JBB

📣 Registration is open for ISDA's Trading Book Capital conference in New York on February 5th. Register today to secure your complimentary seat! Details here: https://lnkd.in/e3CXuxtq This event will bring together policymakers, regulators, and industry leaders to examine the key developments and challenges in the trading book capital framework, with a focus on timelines, remaining obstacles, and areas of future regulatory focus. The program will also address the latest developments in counterparty credit risk and the evolution of internal models within the US capital framework, highlighting the potential impact on bank strategies and supervisory expectations. Join us for an in-depth discussion on how institutions can navigate a shifting regulatory landscape, balance resilience with competitiveness, and prepare for the next phase of capital regulation.

ISDA’s Derivatives Trading Forum in Hong Kong yesterday explored key issues affecting derivatives markets in Hong Kong, mainland China and elsewhere in Asia Pacific. In particular, panelists looked at Hong Kong’s role as a key entry point to mainland China for international investors, a position that has been strengthened with the ongoing development of the Hong Kong Exchanges and Clearing Limited (HKEX) Swap Connect platform, which enables offshore investors to trade and clear onshore RMB interest rate swaps. Speakers also highlighted the role tokenization could play in improving collateral management, cross-border payments and FX settlement. By enabling near-instantaneous settlement of collateral transfers, tokenization could help reduce bottlenecks and inefficiencies caused by current manual processes, speakers said. Other topics included an overview of Hong Kong’s amended regulatory reporting framework and the role ISDA’s Digital Regulatory Reporting initiative could play in improving the efficiency and accuracy of reporting and the impact of new counterparty credit risk management guidelines. In a fireside chat at the event, ISDA chair Amy Hong, head of strategy, investments and partnerships for global banking and markets at Goldman Sachs, highlighted the importance of modernizing derivatives markets. “On the one hand, that means using technologies like AI, tokenization and digital assets to bring greater automation and efficiency to derivatives markets. Another aspect of this is making sure the regulations are fit for purpose. At a time when markets are evolving quickly because of technological change, the regulatory framework needs to be streamlined and coordinated to keep up,” she said. Many thanks to keynote speakers Howard Lee, deputy chief executive of the Hong Kong Monetary Authority (HKMA), and Rico Leung, executive director, supervision of markets at the Securities and Futures Commission (SFC). Thanks to all our speakers: HKEX's Greg Yu, Kevin Fan and Andy Ni, Andrew Ng from DBS Bank, George Sun from HSBC, Chong Liew from King & Wood Mallesons, Joyce Lai from DBS Bank, Cheuk Wong from HSBC, Chengdong Zhang from Bank of China (Hong Kong), Sky So from EY, Jack Yang from HSBC, George Chou from the HKMA, Keith Desouza from DBS Bank, Terry Yang from Clifford Chance, Aaron Chen from The Depository Trust & Clearing Corporation (DTCC), Mark Hustwayte from Bank of America, Lemuel Reyes from HSBC, and ISDA’s Nick Sawyer, Steven Kennedy, Benoit Gourisse, Mark Gheerbrant, Jing Gu and Tara Kruse. Thank you to HKEX for partnering with us and for hosting the event. Thanks also to OSTTRA for sponsoring.

ISDA was privileged to participate in a symbolic gong strike at Hong Kong Exchanges and Clearing Limited (HKEX) yesterday as part of its 40th anniversary celebrations. Thanks to ISDA chair Amy Hong, head of strategy, investments and partnerships for global banking and markets at Goldman Sachs, and ISDA board member Andrew Ng, group executive and group head of global financial markets at DBS Bank, for striking the gong. Thanks also to witnesses Howard Lee, deputy chief executive at the Hong Kong Monetary Authority (HKMA), Rico Leung, executive director, supervision of markets at the Securities and Futures Commission (SFC), Greg Yu, managing director and head of markets at HKEX, Kevin Fan, managing director, head of fixed income and currency product development, markets, at HKEX, Andy Ni, managing director, head of OTC platform development, markets, at HKEX, and ISDA’s Steven Kennedy, Tara Kruse, Mark Gheerbrant, Nick Sawyer, Jing Gu and Benoit Gourisse. ISDA is very grateful to HKEX for hosting and organizing the gong strike.