Jurisdiction(s):
United Kingdom

Key definition

ISDA definition

What does ISDA mean? In legal practice, “ISDA” refers to the International Swaps and derivatives Association, the global industry body for the over-the-counter (OTC) derivatives market. The term is not defined in legislation or case law; it is a descriptive label for the association and its standard derivatives documentation framework. ISDA publishes the ISDA Master Agreement (1992 and 2002 versions), the Credit Support Annex/Deed, Schedules, product Definitions (including the 2021 ISDA Interest Rate Derivatives Definitions and 2014 ISDA Credit Derivatives Definitions), and market Protocols (covering EMIR/UK EMIR compliance, margin, and IBOR fallbacks). This documentation is the market standard for OTC derivatives such as interest...

ISDA 2021 Interest Rate Derivatives Definitions: Lawyers’ Guide to Key Changes from 2006, Digital Matrices, Fallbacks, Overnight Compounding, Swaptions, Early Termination and Cash Settlement

Published by a LexisNexis Banking & Finance expert

Practice notes

On 11 June 2021, isda issued the 2021 ISDA Interest Rate derivatives Definitions (the 2021 Definitions), intended to supersede the 2006 ISDA Definitions as the standard ISDA definitional text for cleared and non‑cleared interest rate derivatives. ISDA no longer maintains the 2006 ISDA Definitions. The 2021 Definitions were the first of what is expected to be many publications on ISDA’s new digital ‘online library’. Historically, ISDA’s definitional booklets were printed as hard‑copy booklets, with each change requiring a separate supplement (in the case of the 2006 ISDA Definitions, there were almost 100 by December 2022). Working through the booklets together with numerous standalone supplements was often a demanding exercise. With the new digital online library, ISDA will implement updates to the 2021 Definitions by releasing refreshed electronic versions, each bearing a publication date, which can be easily compared with any earlier iteration via the ISDA online library. By adopting this digital version approach, the 2021 Definitions should be significantly easier to read and apply as further updates are made. The 2021 Definitions include a number of key...

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Ellen Pesch

Sidley Austin

ELLEN PESCH is co-leader of the OTC Derivatives industry group at Sidley. Ellen has more than 20 years of experience representing capital market participants with respect to structuring, negotiating and documenting derivatives and structured finance transactions. She has represented clients in a wide variety of derivatives transactions ranging from interest rates, currencies, commodities and credit to total return, inflation, weather, catastrophic and mortality/longevity transactions. Ellen also has significant experience with the various Dodd-Frank regulatory issues as they impact the derivatives market, as well as the regulatory issues associated with the intersection of the insurance and derivatives markets....

Web page updated on 28/05/2026

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