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:
Login Required
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 | |
| May 25, 2012 | Field Fisher Waterhouse |
The Eurozone Crisis and Financial Transactions: A Comprehensive Guide |
| June 21, 2012 | Linklaters | |
| January 27, 2012 | K&L Gates | |
| 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 | |
| January 12, 2012 | Clifford Chance | The Eurozone Crisis and Derivatives . |
|
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.
Latest
Data Integrity for Single-sided Reporting
On April 2, ISDA published a paper on why single-sided reporting does not compromise the quality and integrity of data received by supervisors. The paper addresses concerns among regulators that moving from dual-sided reporting would adversely affect the quality of...
Paper on Removal of SI Regime
On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime...
Measured Adjustments - IQ April 2026
Eighteen years on from the global financial crisis of 2008, the rollout of central clearing, margining of non-cleared derivatives trades and higher capital requirements has completely reshaped derivatives trading and risk management. But effective regulation requires regular monitoring to ensure...
ISDA In Review – March 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in March 2026.