ISDA FX Definitions Market Participant Survey

ISDA wishes to better understand if and how the 1998 FX and Currency Option Definitions and related documentation such as Annex A, supplements, additional provisions, forms of confirmations and template terms (together, the “FX Definitions”) might be improved and updated, taking into account developments and events in the FX market (e.g., currencies becoming non-deliverable) and the general evolution of foreign exchange trading since 1998.

ISDA’s Market Participant Survey includes questions regarding:

  • The current landscape of market stakeholders
  • Possible areas for change and improvement
  • The potential effects on market participants and infrastructures of undertaking changes
  • Suggestions on the best way to implement any agreed changes.

If ISDA does move forward with updates and improvements to the FX Definitions, additional market outreach and coordination will be required. We expect to provide more information regarding survey responses and, if applicable, a strategy for next steps during the second half of 2023. ISDA plans to share an aggregated and anonymized summary of survey responses publicly but will not share names of respondents or individual responses outside of ISDA and EMTA staff.

We have provided a paper version of this survey on this page below for use in developing your firm’s responses but would greatly appreciate if you would consolidate, or at a minimum coordinate, your firm’s submission via the online survey response page here.

UPDATE: ISDA’s strategy for updating the FX Definitions based on responses from this survey can be found here.

FX Survey Market Education Webinars:

ISDA hosted webinars to discuss ISDA’s ongoing FX Market diligence work, provide an overview of the survey, demonstrate ISDA’s MyLibrary online documentation platform—the recording of that presentation can be found here.

ISDA also hosted webinars to answer any market participants questions about the survey—the recording of that Q&A session can be found here.

Documents (1) for ISDA FX Definitions Market Participant Survey

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...