ISDA Recognized for Outstanding Contribution to Regulatory Reforms

Singapore/Hong Kong, November 22, 2022 – The International Swaps and Derivatives Association (ISDA) has been awarded Outstanding Contribution to Regulatory Reforms in the 5th Regulation Asia Excellence Award 2022 in an in-person ceremony on November 22, 2022.

ISDA has been recognized for its leadership role in developing and pooling cost-effective solutions to support regulatory compliance, its work to promote the safe and efficient operation of global derivatives markets, and its engagement with regulators, standard setters and regulators at global and national levels. levels to help achieve consistent and appropriate regulation across jurisdictions.

During the year, a key area of ​​focus remained the LIBOR transition, building on ISDA’s work over the years to introduce robust fallback solutions for LIBOR-linked derivative contracts. With five remaining USD LIBOR settings due to cease at the end of June 2023, ISDA continued to promote market education, fallback protocol listings, and help countries, including in Southeast Asia, move forward their transition efforts.

This year also saw the start of the sixth and final phase of implementation of initial margin regulatory requirements, involving more entities than in any other phase. Many phase six companies have used ISDA’s Create platform to negotiate and manage IM documentation, along with its SIMM model, which is now considered the global standard model for calculating IM.

Another major ISDA initiative bearing fruit is its work on digital regulatory reporting, just in time for the implementation of the CFTC’s rewrite of rules for OTC derivatives reporting on December 5. 2022. Working with its members, the ISDA has converted the CFTC rules into human-readable and machine-readable rules. -executable open source code to ease the compliance burden faced by industry. The solution will inevitably be transposed to incoming requirements in the EU as well as major APAC jurisdictions.

During the year, ISDA also advanced its work to improve the Chinese derivatives market, through dialogue with national regulators on legislative proposals and regulatory developments and the publication of a legal opinion that recognizes close-out netting under Chinese law – an important development for the market. Other areas of focus for ISDA have been climate risk and sustainable finance, digital assets and cryptography, as well as Basel III implementation and capital benchmarking.

“ISDA has a long history of serving derivatives market participants. Yet it continues to tackle the most pressing and complex issues they face with new services, solutions, materials and advocacy,” said a judge from the Regulation Asia awards jury. “The work of ISDA has benefited all corners of the derivatives market, as we have seen in its work to advance LIBOR transition efforts globally and ensure that global regulatory requirements, including in the crypto space, are fit for purpose and not too burdensome for the industry. ”

In October, the ISDA announced that its members exceeded 1,000 companies for the first time. Its members cover 79 countries and include institutions from across the derivatives market – including banks, asset managers, insurance companies, governmental and supranational entities, corporations, market infrastructures, vendors and law firms.

About the Regulation Asia Awards for Excellence 2022

The Asia regulation Excellence Award recognizes financial institutions, technology companies, legal and consulting firms, stock exchanges and others who help ensure the highest standards of regulatory compliance are met in the financial industry. Each year, experienced industry practitioners sit on a judging panel to help evaluate and score each submission to determine the winners.

For a full list of 2022 winners, visit www.regulationasia.com/awards.

About Asia regulations

Asia regulation is the leading source of actionable regulatory intelligence for Asia-Pacific markets. With over 12,000 subscribers including regulators, exchanges, banks, asset managers and service providers, Asia regulation plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.

Singapore/Hong Kong, November 22, 2022 – The International Swaps and Derivatives Association (ISDA) has been awarded Outstanding Contribution to Regulatory Reforms in the 5th Regulation Asia Excellence Award 2022 in an in-person ceremony on November 22, 2022.

ISDA has been recognized for its leadership role in developing and pooling cost-effective solutions to support regulatory compliance, its work to promote the safe and efficient operation of global derivatives markets, and its engagement with regulators, standard setters and regulators at global and national levels. levels to help achieve consistent and appropriate regulation across jurisdictions.

During the year, a key area of ​​focus remained the LIBOR transition, building on ISDA’s work over the years to introduce robust fallback solutions for LIBOR-linked derivative contracts. With five remaining USD LIBOR settings due to cease at the end of June 2023, ISDA continued to promote market education, fallback protocol listings, and help countries, including in Southeast Asia, move forward their transition efforts.

This year also saw the start of the sixth and final phase of implementation of initial margin regulatory requirements, involving more entities than in any other phase. Many phase six companies have used ISDA’s Create platform to negotiate and manage IM documentation, along with its SIMM model, which is now considered the global standard model for calculating IM.

Another major ISDA initiative bearing fruit is its work on digital regulatory reporting, just in time for the implementation of the CFTC’s rewrite of rules for OTC derivatives reporting on December 5. 2022. Working with its members, the ISDA has converted the CFTC rules into human-readable and machine-readable rules. -executable open source code to ease the compliance burden faced by industry. The solution will inevitably be transposed to incoming requirements in the EU as well as major APAC jurisdictions.

During the year, ISDA also advanced its work to improve the Chinese derivatives market, through dialogue with national regulators on legislative proposals and regulatory developments and the publication of a legal opinion that recognizes close-out netting under Chinese law – an important development for the market. Other areas of focus for ISDA have been climate risk and sustainable finance, digital assets and cryptography, as well as Basel III implementation and capital benchmarking.

“ISDA has a long history of serving derivatives market participants. Yet it continues to tackle the most pressing and complex issues they face with new services, solutions, materials and advocacy,” said a judge from the Regulation Asia awards jury. “The work of ISDA has benefited all corners of the derivatives market, as we have seen in its work to advance LIBOR transition efforts globally and ensure that global regulatory requirements, including in the crypto space, are fit for purpose and not too burdensome for the industry. ”

In October, the ISDA announced that its members exceeded 1,000 companies for the first time. Its members cover 79 countries and include institutions from across the derivatives market – including banks, asset managers, insurance companies, governmental and supranational entities, corporations, market infrastructures, vendors and law firms.

About the Regulation Asia Awards for Excellence 2022

The Asia regulation Excellence Award recognizes financial institutions, technology companies, legal and consulting firms, stock exchanges and others who help ensure the highest standards of regulatory compliance are met in the financial industry. Each year, experienced industry practitioners sit on a judging panel to help evaluate and score each submission to determine the winners.

For a full list of 2022 winners, visit www.regulationasia.com/awards.

About Asia regulations

Asia regulation is the leading source of actionable regulatory intelligence for Asia-Pacific markets. With over 12,000 subscribers including regulators, exchanges, banks, asset managers and service providers, Asia regulation plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.

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