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 EMIR Protocols (EU and UK): NFC Classification, Portfolio Reconciliation, Dispute Resolution, Disclosure and Reporting, and Adherence or Bilateral Implementation Guidance

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Practice notes

Regulation (EU) 648/2012 of the European Parliament and Council, on OTC Derivatives, central counterparties and trade repositories (EU EMIR), was passed on 4 July 2012 and came into effect on 16 August 2012. In the UK, the assimilated version of Regulation (EU) 648/2012 (UK EMIR) is in force. Meeting the demands of EU EMIR and/or UK EMIR may oblige parties to revise procedures and documentation. To support this, the International Swaps and Derivatives Association (ISDA) has, to date, issued four Protocols addressing specific requirements. This Practice Note summarises those protocols, the matters they cover and the benefits of adherence.

What are ISDA protocols?

ISDA protocols offer a tool for multilateral amendments to contracts. If both parties adhere to the same ISDA protocol, their agreements are amended automatically in line with the protocol’s terms. This frequently removes the need for expensive negotiations with counterparties, though certain operational points may still require bilateral consent. The existing protocols do not capture every EMIR duty. For instance, ISDA has produced standard language on timely confirmations, which must be bilaterally agreed with each counterparty.

ISDA 2013 EMIR NFC Representation Protocol

Which issues does the NFC Protocol address?

Some operational issues may need bilateral agreement...

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Marcin Perzanowski

Simmons & Simmons

Marcin Perzanowski is a Partner in the Structured Finance & Derivatives practice at the London office of Simmons & Simmons. He specialises in derivatives and structured product transactions across all asset classes, and regularly advises clients on securities finance and collateral management arrangements. Marcin's expertise encompasses a diverse range of products, including:Financing transactions structured as total return swaps, repurchase agreements, or margin loans, particularly in Emerging Market jurisdictionsRepo and securities lending arrangements, including those conducted on an agency basisCollateral management structures, such as tri-party arrangements and regulatory marginingCorporate and strategic equity derivatives, including index and equity-linked productsCredit derivatives, including "fourth trigger" CDS trades, intermediation structures, and deliverability opinionsIslamic derivatives and repo arrangementsCommodities and commodity derivatives, encompassing various types of commodity financing arrangementsDigital asset arrangements Marcin possesses significant expertise in advising on the regulatory aspects of derivatives and trading arrangements, with a particular focus on the...

Tacjanna Dziuban

Simmons & Simmons

Tacjanna is an Associate in the Structured Finance and Derivatives practice in London. She principally advises global banks and corporates on a range of structured products and OTC derivatives including SPV repackaging, interest rate, FX, equity derivatives and commodity-linked transactions. She has also experience advising on regulatory projects such as LIBOR transition. Prior to joining the firm, Tacjanna worked for an international investment bank in London. She is admitted to practice law in the state of New York and in England and Wales. ...

Web page updated on 21/05/2026

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