Eurozone Contingency Planning

The existence of this page does not imply an opinion on the part of ISDA as to the likelihood of any such event.

This page is intended as an information resource to assist market participants in their contingency planning for the potential exit of one or more member states from the Eurozone. If a Eurozone exit event were to happen, details of any industry calls or meetings would be posted on this page.

Open the most recent (February 20, 2015) Eurozone Contingency Planning Update

These updates are free public documents by ISDA, and will be posted by date in the table at the bottom of the page.

Asset Class-specific Memoranda (as provided to ISDA) on the potential impact of a Eurozone exit may be viewed by ISDA Members: 
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Eurozone briefing notes from ISDA member firms on topics such as the key legal issues and the potential impact on derivatives documentation:
Below are briefing notes from ISDA member firms relating to the Eurozone which deal with topics such as the key legal issues and the potential impact on derivatives documentation. ISDA has established it as central resource for information to assist market participants in their contingency planning. The existence of this page does not imply any view on the part of ISDA as to the likelihood of the occurrence of any event covered by the linked documents.

 Date  Firm

 Title

July 24, 2012 Teigland-Hunt LLP

ISDA’s Illegality/Force Majeure Protocol – Teigland-Hunt LLP Client Alert

July 12, 2012 Clayton Utz

ISDA Eurozone Contingency Planning – New Illegality/Force Majeure Protocol

July 3, 2012 Clifford Chance

The Eurozone Crisis and Exchange Controls

May 25, 2012 Field Fisher Waterhouse

The Eurozone Crisis and Financial Transactions: A Comprehensive Guide

June 21, 2012 Linklaters

Eurozone Bulletin: Updating Contingency Plans

January 27, 2012    K&L Gates

O Spirit of Love! Settlement of Credit Derivatives Transactions after a Reference Entity Leaves the Eurozone

January 26, 2012    K&L Gates   

Potential Impact of a Eurozone Break-up on Foreign Exchange Swaps and Currency Options Contracts

January 20, 2012 Ashurst

International Contracts and the Eurozone Crisis

January 12, 2012 Clifford Chance The Eurozone Crisis and Derivatives
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October 28, 2011   

Allen & Overy The Euro and Currency Unions

October 26, 2011   

Allen & Overy Sovereign State Restructurings and Credit Default Swaps

December 14, 2010 

Allen & Overy State Insolvency – What Bondholders and Other Creditors Should Know

Neither the existence of these pages nor the content of any documents or information posted on them should be taken to imply any opinion on the part of ISDA as to the likelihood of the occurrence of any such event.

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Response on Options and Discretions

On January 24, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Central Bank’s (ECB) consultation on its approach to options and discretions under EU law. In the response, the associations highlight the efforts of...

Letter to SEC on US Treasury Clearing

On January 24, ISDA, the Alternative Investment Management Association (AIMA), FIA, the FIA Principal Traders Group (FIA PTG), the Institute of International Bankers (IIB), the Managed Funds Association (MFA) and the Securities Industry and Financial Markets Association (SIFMA) and its...

Response on EMIR Active Account Consultation

On January 27, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on the active account requirement (AAR) introduced under the revised European Market Infrastructure Regulation (EMIR 3.0). In the response, ISDA highlighted significant concerns about the proposed...