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
Response to EC Consultation on MICA Review
On September 29, ISDA responded to the European Commission’s (EC) targeted consultation on the review of the Markets in Crypto-Assets Regulation (MICA). ISDA’s response focuses on tokenization in over-the-counter derivatives and collateral markets. It argues that tokenized collateral can enable...
ISDA DTF Hong Kong: Steven Kennedy Remarks
ISDA Derivatives Trading Forum Hong Kong November 12, 2026 Opening Remarks Steven Kennedy Global Head of Public Policy, ISDA Good morning, and welcome to the ISDA Derivatives Trading Forum. It’s great to be here in Hong Kong – thanks for...
2026 FX Definitions: Act Now
On November 22, 2027, the 2026 FX Definitions will come into effect. From that point, these definitions will become the market standard for all cleared and new non-cleared FX derivatives, and the Swift messaging service will halt its support of...
IRD Trading in Mainland China and Hong Kong
This report examines interest rate derivatives (IRD) trading activity in mainland China and Hong Kong in the first half of 2026. Onshore renminbi (RMB) IRD traded notional in mainland China rose to $3.4 trillion in the first half of 2026,...
