Click here for TOC Click here to Read Introduction. Revised ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix published on September 8, Note: This supersedes the version dated January 28, This Guide to ISDA and EMTA FX Derivatives Documentation and Currency Provisions the "Guide" is intended to inform market participants of the various publications by ISDA and EMTA relating to FX and currency derivatives documentation and where to find such publications on the ISDA and EMTA websites.

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ISDA and EMTA may continue to update the Guide in the future to include additional publications and provisions. Singapore time on March 25, SFEMC, ISDA and EMTA are extending the Submission Deadline.

Please return the entire IDR-MAA and not just the signature page via email scanned copy to idramend cliffordchance. The original hard copy can reach Clifford Chance Pte Ltd 12 Marina Boulevard, 25th Floor, Tower 3, Marina Bay Financial Centre, Singapore for the attention of: Paul Landless after March Please note that this will be the absolute latest time that submissions will be accepted as the list of adherents must be finalized and circulated on Wednesday to enable adhering banks to do the needful.

ABS Benchmarks Administration Co Pte. IDR VWAP IDR03 which is a benchmark based on a "traded" methodology commenced on August 6, and the SFEMC had recommended in June that market participants reference IDR VWAP IDR03 instead of "IDR ABS" or "IDR01" which was a benchmark based on a "surveyed" methodology which was discontinued on August 5, As IDR JISDOR IDR04 had only been launched in May , the SFEMC had thought it premature back in June to recommend a move to IDR JISDOR IDR The SFEMC has now recommended that IDR JISDOR IDR04 be applied to NDF and other relevant contracts referencing IDR that may be entered into on or after March 28, The SFEMC has also recommended that parties mutually agree to amend their existing NDF and other relevant contracts referencing IDR VWAP IDR03 that will remain outstanding on March 28, to reference IDR JISDOR IDR For further information, please refer to the ABS Co and SFEMC press release, SFEMC statement and related materials.

Click here for ABS Co and SFEMC press release. Click here for SFEMC statement. Click here for SFEMC Explanatory Note.

This Multilateral Amendment Agreement IDR-MAA has been published to assist parties wishing to make the amendments referred to above. The IDR-MAA is open to ISDA members and non-members. You need not pay any fee to sign up to the IDR-MAA. Please note that you must sign up to the IDR-MAA no later than 5: ISDA and EMTA will publish on their websites the list of parties who have signed up to the IDR-MAA but for 'Member Only' access. The list will also be circulated to all parties who have signed up to the IDR-MAA.

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Please refer to the "Instructions to Signing" attached to the IDR-MAA for more details. For parties that may wish to effect the amendments bilaterally instead of signing up to the IDR-MAA, a bilateral form of the IDR-MAA has also been published.

For banks that may wish to notify their wholesale customers of the change and the transitioning arrangements, a suggested form of information letter to their wholesale customers has been published.

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The full list of institutions who have signed up to the IDR-MAA can be found on the Members Portal section of the ISDA website. ISDA will update this list periodically. Revised Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix published on January 28, Note: This supersedes version dated October 14, Note: The revised and restated Additional Provisions, Fallback Matrix and Form of Confirmation were published in light of the opening of new offshore RMB trading centers in The revised documents enable parties to select multiple Offshore CNY Centers for the purposes of triggering a CNY Disruption Event.

No material changes have been made to the definition of "CNY Disruption Event" or the Disruption Fallbacks. In particular, these Recommended Practices are meant to focus attention upon the choices and variations which parties that have adhered to the FX Novation Protocol and are proposing to novate transactions may wish to consider. These Recommended Practices provide for a concise overview of the various stages in the novation process set forth in the FX Novation Protocol.

It is set up with a bullet point approach to provide for clear recommendations. Although parties to a novation are not obligated to conform to the Recommended Practices, Adhering Parties are encouraged to follow the guidelines set forth herein in order to support a standardization of the novation process. At the request of their members, ISDA and EMTA will accept a submission by email ndfamend cliffordchance.

Paul Landless after August 2. Please note that this will be the absolute latest time that submissions will be accepted as the list of adherents must be finalized and circulated on Monday morning Singapore time to enable adhering banks to do the needful. The Association of Banks in Singapore ABS , in consultation with the Singapore Foreign Exchange Market Committee SFEMC had on June 14, , announced a number of changes to the ABS financial benchmarks in order to enhance the robustness, transparency and efficiency of the benchmark contribution process in Singapore.

For further information, please refer to the ABS and SFEMC press release, SFEMC statement and related materials. Click here for ABS and SFEMC press release. Click here for ABS Trading Protocol.

Click here for ABS Industry FAQs. Click here for Blue Book updates — Benchmark Rate Setting. Click here for SFEMC's Suggested Form of Post-Publication Letter to Wholesale Customers on FX Benchmark Changes where pre-publication letter has been sent.

Click here for SFEMC's Suggested Form of Post-Publication Letter to Wholesale Customers on FX Benchmark Changes where pre-publication letter has not been sent. In order to facilitate a smooth transition to the new benchmarks, the SFEMC has made a number of recommendations, including that parties should mutually agree to amend NDF and other relevant contracts referencing the existing SGD, THB, IDR or MYR spot rate benchmarks that remain outstanding on August 6, to reference as applicable the new spot rate benchmarks for SGD, THB or IDR or the existing onshore MYR spot rate benchmark.

ISDA Bookstore - FX and Currency Option Definitions, Annex, Supplements and User's Guide

This Multilateral Amendment Agreement FX-MAA has been published to assist parties wishing to make the amendments referred to above. The FX-MAA is open to ISDA members and non-members. You need not pay any fee to sign up to the FX-MAA.

Please note that you must sign up to the FX-MAA no later than 5: Singapore time on August 2, ISDA and EMTA will publish on their websites the list of parties who have signed up to the FX-MAA but for 'Member Only' access. The list will also be circulated to all parties who have signed up to the FX-MAA. Please refer to the "Instructions to Signing" attached to the FX-MAA for more details. The full list of institutions who have signed up to the FX-MAA can be found on the Members Portal section of the ISDA website.

Click here for ISDA Webinar on the FX-MAA ISDA Webinar on the FX-MAA — SLIDES. June Volatility Swap and Variance Swap Supplement to the ISDA FX and Currency Option Definitions July 3, The June Volatility Swap and Variance Swap Supplement incorporates terms and a template for a Volatility Swap and a Variance Swap as an amendment to the FX and Currency Option Definitions and the Annex to the FX and Currency Option Definitions, respectively.

Further, this supplement replaces the May Volatility Swap Supplement to the ISDA FX and Currency Option Definitions. The Additional Provisions for Optional Early Termination incorporates terms, a template and guidance for an Optional Early Termination as an amendment to the FX and Currency Option Definitions and the Annex to the FX and Currency Option Definitions, respectively.

Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and ISDA Offshore Deliverable CNY Transaction Disruption Fallback Matrix published October 14, Please note that the Fallback Matrix may be amended from time to time to include new Currency Pairs as defined in the Additional Provisions. For your convenience, we have attached an illustrative example of a Confirmation marked to show how market participants wishing to adopt the Additional Provisions and Fallback Matrix may do so.

Letter Agreement in Relation to the Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction published February 27, This side letter allows parties to amend the CNH Transactions that have been entered into between them except those identified in the Schedule to the side letter , regardless whether the CNH Transactions are confirmed on an electronic platform e.

The purpose of the side letter is to apply the Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction and the Fallback Matrix published by ISDA on October 14, as amended and supplemented from time to time to those CNH Transactions.

The first revision suggests how to incorporate the Supplement into a Barrier or Binary Option Transaction.

The second revision further describes the approach taken to the conventions for stating Currency Pairs in the Currency Pair Matrix that was published with the Supplement. The Supplement sets forth common reference terms for a growing sector of the foreign exchange marketplace and should offer the benefits of efficient documentation processes and enhanced legal certainty to market participants.

Exhibits to the Supplement illustrate how barrier and binary options may be confirmed under its terms, and accompanying Practice Notes explain its provisions. Matrices with best practice recommendations for specifying certain confirmation terms under the Supplement also are being published and will be updated periodically by the co-sponsors.

May Volatility Swap Supplement to the FX and Currency Option Definitions June 3, The May Volatility Swap Supplement incorporates terms and a template for a Volatility Swap as an amendment to the FX and Currency Option Definitions and the Annex to the FX and Currency Option Definitions, respectively. English and Bahasa Indonesian translation of FX Glossary published January 4, The FX Glossary contains relevant provisions from the FX and Currency Option Definitions, as amended by the Barrier Option Supplement, for documenting the following transactions:.

Vietnamese translation of FX Glossary published April 25, The FX Glossary contains relevant provisions from the FX and Currency Option Definitions, as amended by the Barrier Option Supplement, for documenting the following transactions:.

Vietnamese translation of Confirmation templates published April 25, The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:. English and Bahasa Indonesian translation of Confirmations for Certain Types of FX and Rates Transactions published January 4, The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:.

Additional Provisions for use with a Deliverable Currency Disruption and ISDA Deliverable Currency Disruption Fallback Matrix published November 3, The Additional Provisions for use with a Deliverable Currency Disruption "Additional Provisions" and ISDA Deliverable Currency Disruption Fallback Matrix "Fallback Matrix" provide for standard documentation for deliverable interest rate swaps where a Deliverable Currency Disruption Event as defined in the Additional Provisions renders the Reference Currency as defined in the Additional Provisions non-deliverable.

Please note, the Fallback Matrix may be amended from time to time to include new Reference Currencies or Currency Pairs each as defined in the Additional Provisions. For your convenience, we have attached an illustrative example of Exhibit II-A to the ISDA Definitions Additional Provisions for a Confirmation of a Swap Transaction that is a Rate Swap Transaction or Cross-Currency Rate Swap Transaction marked to show how market participants wishing to adopt the Additional Provisions and Fallback Matrix may do so.

Amendment to the FX and Currency Option Definitions published June 5, Amendment to Section 1. Compendium of Amendments to Annex A to the FX and Currency Option Definitions. The Compendium includes all amendments to Annex A to the FX and Currency Option Definitions that were published electronically since June 20, Supplements to Annex A of the FX and Currency Option Definitions.

Revised Annex A to FX and Currency Option Definitions Annex A contains currency and currency spot rate definitions and other related definitions and provisions for use in documenting foreign exchange and currency option transactions, including non-deliverable transactions, under the Definitions.

The revised Annex A, dated and effective September 25, , incorporates all previously issued amendments to the March version of Annex A. In addition, obsolete rate source definitions have been deleted, several new rate source definitions have been added and modifications have been made to existing rate source definitions to render them more accurate.

Other terms have been revised in the September 25, version of Annex A to better reflect market practice in the non-deliverable foreign exchange markets. Most notably, the definition of currency-reference dealers has been revised to differentiate between the polling procedures to be carried out when that term is used in the ordinary course to determine a settlement rate, as opposed to when that term is used as a fallback rate mechanism upon the occurrence of a market disruption.

The definition of Specified Amount has also been revised. Annex A to the FX and Currency Option Definitions Annex A to the FX and Currency Option Definitions, published in March , supplements and forms part of the FX and Currency Option Definitions.

Annex A, which is in the form of a three-ring binder, permits the inclusion of later supplements and amendments, contains currency and currency spot rate definitions and certain other related definitions and provisions.

Return to ISDA home. FX and Currency Option Definitions, Annex, Supplements and User's Guide. User's Guide to the FX and Currency Option Definitions Click here for TOC Click here to Read Introduction.

Guide to ISDA and EMTA FX Derivatives Documentation and Currency Provisions June 10, This Guide to ISDA and EMTA FX Derivatives Documentation and Currency Provisions the "Guide" is intended to inform market participants of the various publications by ISDA and EMTA relating to FX and currency derivatives documentation and where to find such publications on the ISDA and EMTA websites.

Singapore time on March 25, SFEMC, ISDA and EMTA are extending the Submission Deadline. June Volatility Swap and Variance Swap Supplement to the ISDA FX and Currency Option Definitions July 3, The June Volatility Swap and Variance Swap Supplement incorporates terms and a template for a Volatility Swap and a Variance Swap as an amendment to the FX and Currency Option Definitions and the Annex to the FX and Currency Option Definitions, respectively.

Letter Agreement in Relation to the Additional Disruption Event Provisions for an Offshore Deliverable CNY Transaction published February 27, This side letter allows parties to amend the CNH Transactions that have been entered into between them except those identified in the Schedule to the side letter , regardless whether the CNH Transactions are confirmed on an electronic platform e. English and Bahasa Indonesian translation of FX Glossary published January 4, The FX Glossary contains relevant provisions from the FX and Currency Option Definitions, as amended by the Barrier Option Supplement, for documenting the following transactions: Vietnamese translation of FX Glossary published April 25, The FX Glossary contains relevant provisions from the FX and Currency Option Definitions, as amended by the Barrier Option Supplement, for documenting the following transactions: Vietnamese translation of Confirmation templates published April 25, The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions: English and Bahasa Indonesian translation of Confirmations for Certain Types of FX and Rates Transactions published January 4, The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions: Additional Provisions for use with a Deliverable Currency Disruption and ISDA Deliverable Currency Disruption Fallback Matrix published November 3, The Additional Provisions for use with a Deliverable Currency Disruption "Additional Provisions" and ISDA Deliverable Currency Disruption Fallback Matrix "Fallback Matrix" provide for standard documentation for deliverable interest rate swaps where a Deliverable Currency Disruption Event as defined in the Additional Provisions renders the Reference Currency as defined in the Additional Provisions non-deliverable.

Amendment to the FX and Currency Option Definitions published June 5, Amendment to Section 1. Compendium of Amendments to Annex A to the FX and Currency Option Definitions The Compendium includes all amendments to Annex A to the FX and Currency Option Definitions that were published electronically since June 20, Supplements to Annex A of the FX and Currency Option Definitions Free Downloads July 18, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Russian Ruble rate source definitions PDF format July 18, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Malaysian Ringgit PDF format September 14, , - ISDA, EMTA and the FXC jointly announce amendment to Annex A - SFEMC PKR and VND Indicative Survey Rates PDF format May 28, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - African Currency Rate Source Definitions PDF format September 1, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Brazilian Real and Indian Rupee rate definitions PDF format July 21, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Ghanaian Cedi, Kenyan Shilling and Zambian Zwacha Currency Rate Source Definition PDF format June 30, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Argentine Peso Rate Source Definition PDF format March 4, effective as of March 28, - ISDA, EMTA and the FXC jointly announce amendments to Annex A - Indonesian Rupiah PDF format July 5, effective as of August 6, - ISDA, EMTA and the FXC jointly announce amendments to Annex A — SGD Rates PDF format July 5, effective as of August 6, - ISDA, EMTA and the FXC jointly announce amendments to Annex A — Indonesian Rupiah and Thai Baht PDF format July 5, — ISDA, EMTA and the FXC jointly announce amendments to Annex A — Malaysian Ringgit PDF format March 25, - ISDA, EMTA and the FXC jointly announce an updated amendment to Annex A EGP Rate Source Definition PDF Format May 9, - ISDA, EMTA and the FXC jointly announce amendment to Annex A Ghanaian Cedi Rate Source Definition PDF Format August 17, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — BRL PTAX PDF Format May 31, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Specified Additional Settlement Rate Options for Cross Currency FX Transactions PDF Format May 16, - ISDA, EMTA and the FXC jointly announce amendment to Annex A — African Currencies PDF Format December 13, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Nigerian Naira PDF Format May 10, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Egyptian Pound PDF Format March 4, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Kazakhstan Tenge and Ukrainian Hryvnia PDF Format June 25, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Pakistani Rupee and Vietnamese Dong PDF Format November 15, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Peruvian Sol PDF Format October 25, — ISDA, EMTA and the FXC jointly announce amendment to Annex A — Indian Rupee and Philippine Peso PDF Format August 1, — ISDA, EMTA and the FXC jointly announce amendment to Annex A - Chilean Peso, Colombian Peso and Peruvian Sol PDF Format April 3, — ISDA, EMTA and the FXC jointly announce amendment to Annex A Korean Won Rate PDF Format March 6, — ISDA, EMTA and the FXC jointly announce an updated amendment to Annex A Chinese Renminbi Definition PDF Format November 7, — ISDA, EMTA and the FXC jointly announce amendment to Annex A Chinese Renminbi Definition PDF Format July 1, - ISDA, EMTA and the FXC jointly announce amendment to Annex A Indonesian Rupiah Rate Source Definition PDF Format July 1, - ISDA, EMTA and the FXC jointly announce new Malaysian Ringitt Rate Source Definition PDF Format July 1, — ISDA, EMTA and the FXC jointly announce amendment to Annex A Romanian Leu currency definition PDF Format May 20, - ISDA, EMTA and the FXC jointly announce amendment to Annex A Russian Ruble Rate Source Definitions PDF Format December 30, - ISDA, EMTA and the FXC jointly announce amendment to Turkish Lira currency definition PDF Format December 10, — Memo to ISDA Members regarding the Redenomination of Turkish Lira PDF Format November 1, - ISDA, EMTA and the FXC jointly announce amendment to Annex A Rate Source Definitions PDF Format February 18, - Brazilian Rate Source Definitions Amended Press Release December 2, - Korean Won Rate Source Definitions Amended Press Release March 3, - Taiwanese Dollar Rate Source Definitions Amended Press Release December 20, - Argentine Peso Rate Source Definitions Amended Press Release July 10, - Argentine Peso Rate Source Definitions Amended Press Release June 21, - Korean Won Rate Source Definition Amended Press Release February 1, - Brazilian Real Rate Definition Published superseded Word Document Format October 14, - Revised Ruble Rate Definition Published superseded Word Document Format September 11, - Ruble Rate Definition Published superseded Word Document Format.