ISDA recently undertook a survey to better understand if and how the 1998 FX and Currency Option Definitions (“FX Definitions”) and related documentation 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 FX trading since 1998. A variety of market participants submitted thoughtful responses to the survey and additional market participants (including buyside) provided feedback to ISDA separately. The survey remains available here.

Based on survey responses, ISDA has developed a strategy for updating the FX Definitions between 2024 and 2027.  This strategy is available below.

Members who would like to stay updated on this initiative can join the ISDA FX Definitions Update Group.