The ISDA 2018 US Resolution Stay Protocol (US Stay Protocol) was created to allow market participants to comply with regulations issued by the Board of Governors of the Federal Reserve System (12 C.F.R. §§ 252.2, 252.81-88), the Federal Deposit Insurance Corporation (12 C.F.R. §§ 382.1-7) and the Office of the Comptroller of the Currency (12 C.F.R. §§ 47.1-8) (US Stay Regulations). The US Stay Regulations impose requirements on the terms of swaps, repos and other qualified financial contracts (QFCs) of global systemically important banking organizations (G-SIBs).
The US Stay Protocol enables entities subject to the US Stay Regulations to amend the terms of their covered agreements to ensure that, unless excluded or exempted, their QFCs:
- Are subject to existing limits on the exercise of default rights by counterparties under the Orderly Liquidation Authority provisions of Title II of the Dodd-Frank Act and the Federal Deposit Insurance Act; and
- Limit the ability of counterparties to exercise default rights related, directly or indirectly to an affiliate of covered entities entering into insolvency proceedings.
The US Stay Protocol has been developed based on the requirements of a safe harbored ‘US protocol’ under the US Stay Regulations.
Click here to download the ISDA 2018 US Resolution Stay Protocol.
Adherence to the US Stay Protocol is open to ISDA members and non-members. Parties will pay a one-time fee of $500 to ISDA for each adherence to the US Stay Protocol. There will not be a cut-off date to the US Stay Protocol. ISDA does, however, reserve the right to designate a cut-off date by giving 30 days’ notice on this webpage. Click here to go to the Protocol Management section of the ISDA website where you can access the FAQs and other material and also adhere to the protocol.
ISDA will be holding a Symposium on the US Resolution Stay Protocol on October 25 in NY – Agenda | Register
Latest
Response to EC Consultation on Carbon Price
On June 10, ISDA responded to the European Commission’s (EC) consultation on the calculation of the carbon price paid in a third country under Article 9 of the Carbon Border Adjustment Mechanism (CBAM). ISDA supports the EC’s proposal that evidence...
Response to CFTC on Clearing Requirements
On June 11, ISDA responded to the US Commodity Futures Trading Commission’s notice of proposed rulemaking on the clearing requirement determination under Section 2(h) of the Commodity Exchange Act for interest rate swaps to account for Canadian dollar-denominated and Mexican...
Digital Assets and Derivatives: Where Next?
Digital assets are moving into a phase of institutional integration into derivatives markets. Trading venues, custodial infrastructures and tokenization platforms now exist across both traditional financial markets and public blockchain networks. While this diversity has accelerated innovation and liquidity formation,...
ISDA Publishes ISDA SIMM® Methodology, Version 2.8+2512
Following the 2026 primary calibration exercise, ISDA is pleased to publish SIMM® version 2.8+2512. This version of the ISDA SIMM has updates that are based on the full recalibration of the model using historical data up to 31 December 2025....