The 2026 FX Definitions were published on March 3, 2026 in MyLibrary. This page will continue to serve as a repository for information related to implementation of the 2026 FX Definitions on November 22, 2027.
Should any member and non-member have questions or comments, they can email ISDA Market Infrastructure and Technology at MarketInfrastructureandTechnology@isda.org
Educational Materials
2026 FX Definitions Brochure – Market participants can refer to the attached brochure to socialize this initiative with internal and external stakeholders including as part of their counterparty outreach.
Implementation Materials
2026 FX Definitions Industry Implementation Roadmap – The 2026 FX Definitions Industry Implementation Roadmap provides market participants with a framework to support implementation of the 2026 FX Definitions, for which the industry go-live is scheduled for November 22, 2027. This Roadmap may be updated from time to time.
Working Groups
The following groups will continue to meet regarding implementation of the 2026 FX Definitions:
- ISDA FX Definitions Update Working Group: generally meets on the last Wednesday of each month
- ISDA FX Definitions Implementation Steering Committee: meets on the second Thursday of each month
- Ad hoc group of FX traders: meets as needed
The following groups also cover FX issues:
- FX Legal Steering Committee: meets on the second Thursday of each month to discuss FX issues generally
- FX APAC Legal Steering Committee Subgroup
- FX New York Legal Steering Committee Subgroup
- FX UK/EMEA Legal Steering Committee Subgroup
- FX Operations Group: meets every other month to cover FX operations issues generally
- The FX Novations Subgroup addresses the corresponding workstream for the FX Definitions update
- ISDA-EMTA EM FX Steering Committee: meets as needed to discuss the emerging market FX industry
The following groups exist to discuss local FX issues:
- ISDA FX Africa Group
- ISDA FX Latin American Group
- ISDA FX Middle Eastern Group
- ISDA FX CEE/SEE/CIS Group
Historical Information
Background
- ISDA FX Definitions Market Participant Survey
In 2023, ISDA launched a survey to better understand if and how the FX Definitions should be updated. More information is available at the following page. - Strategy for Updating the FX Definitions
In 2023, ISDA developed a strategy for updating the FX Definitions, based on the responses to the survey mentioned above. This strategy is available at the following page. - Drafting Workstreams
In 2025, the FX Definitions Update Group discussed a number of topics during the drafting phase, available here.
Working Group Calls
| Call Title/Topic | Call Date | Description | Recording Link/ Attachments |
| Publication Overview | March 11, 2026 | Discuss the publication of the 2026 FX Definitions in MyLibrary, updates made to the InfoHub, and topics to further consider in 2026 | Recording Link |
| Disruption Events & Disruption Fallback Draft Language – APAC Call | December 4, 2025 | Discussion of draft language for Disruption Events and Disruption Fallbacks for deliverable currencies, with a focus on the circumstances in which the Disruption Events do not apply | Attachment Recording Link |
| Main Book and Disruption Events/Fallbacks feedback review | December 3, 2025 | Discussion of the changes to be made to the next draft based on feedback received to the Main Book (as distributed on October 15th) and the Deliverable Disruption Events/Fallbacks section (as distributed on November 5th) | Recording Link |
| Disruption Events/Fallbacks Drafting | November 5, 2025 | Overview of the drafting for deliverable Disruption Events/Fallbacks. | Attachment Recording Link |
| Disruption Events/Fallbacks | October 22, 2025 | Overview of the framework for deliverable Disruption Events/Fallbacks as ratified by the GFXD board. | Attachment Recording Link |
| Overview of the third draft of the Main Book | October 15, 2025 | Overview of the third draft of the Main Book including fully automated exercise and unexpected holidays | Attachment Recording Link |
| Overview of Annotated Feedback Requests | September 10, 2025 | Overview of the annotated feedback requests for the Main Book (questions 10-19), the Non-Deliverable Disruption Events and Fallbacks drafting, and the Novation provisions | Attachment Recording Link |
| Overview of Annotated Feedback Requests | September 3, 2025 | Overview of the annotated feedback requests for the Main Book (questions 1-9) | Attachment Recording Link |
| Disruption Events & Disruption Fallbacks – APAC Call | September 2, 2025 | Discussion of comments to the revised draft of Disruption Events and Disruption Fallbacks for offshore Deliverable CNY transactions | Recording Link |
| Automatic Exercise; FX Novations; Disruption Events & Disruption Fallbacks; Developed Markets Currency Matrix | July 30, 2025 | Summary of feedback on Automatic Exercise proposals; overview of revised Novations provisions; overview of Disruption Events and Disruption Fallbacks for Non-Deliverable Transactions; overview of the Developed Markets Currency Matrix | Attachments Recording Link |
| Main Book Revised Draft | July 16, 2025 | Overview of the revised draft of the Main Book (Sections 3 through 18) | Attachments Recording Link |
| FX Novations; Automatic Exercise; Main Book Revised Draft | July 9, 2025 | Overview of the proposals from the FX Novations Subgroup; update on the feedback request on the Automatic Exercise proposals; Overview of the revised draft of the Main Book (Sections 1 and 2) | Attachments Recording Link |
| Disruption Events & Disruption Fallbacks – APAC Call | June 26, 2025 | Overview of the revised draft of Disruption Events and Disruption Fallbacks for offshore Deliverable CNY transactions | Attachments Recording Link |
| Emerging Markets terms; Cash-Settled terms | June 25, 2025 | Overview of Emerging Markets Terms in the EM Matrix and provisions upstreamed in the Main Book; Overview of Cash-Settled terms and request for feedback | Attachments Recording Link |
| Calculation Agent; Business Days; Automatic Exercise | June 11, 2025 | Overview of draft Calculation Agent provisions; overview of revised Business Days draft provisions; overview of Automatic Exercise proposals | Attachments Recording Link |
| Business Days; Calculation Agent’s role and standard | May 21, 2025 | Continued discussion on Business Days and overview of a revised approach; next steps on Calculation Agent’s role and preliminary discussion on its standard | Attachments Recording Link |
| Cash-settlement provisions; Business Days; Calculation Agent’s role and standard | May 7, 2025 | Continued discussion on cash-settlement provisions; summary of the feedback received on Business Days and overview of a revised approach being formulated; next steps on Calculation Agent’s role and standard | Recording Link |
| Annex A, Annex B, Annex C drafts, Emerging Markets Matrix, Transaction Types | April 30, 2025 | Overview of the drafts of Annex A (Settlement Rate Options), Annex B (Currencies/Financial Principal Centers), Annex C (Currency Pair Quoting Conventions); overview of Emerging Markets Matrix; overview of the revised proposal for Transaction Types | Attachments Recording Link |
| Overview of 2025 Workstreams, Automatic Exercise, Unexpected Holidays | April 9, 2025 | Updates on the workstreams for 2025, proposal to include a new optional Automatic Exercise mechanism, proposal to address Unexpected Holiday events | Attachments Recording Link |
| Overview of 2025 Workstreams, Calculation Agent roles and Transaction Types | April 2, 2025 | Updates on the workstreams for 2025, including an update on FX Novations, summary of the Calculation Agent roles in FX documentation and an overview of the revised proposal for Transaction Types | Attachments Recording Link |
| Overview of the first draft of the Main Book | March 19, 2025 | Overview of the first draft of the Main Book compilation | Attachments Recording Link |
| Overview of 2025 Workstreams and Main Book compilation | March 5, 2025 | Overview of the workstreams for 2025 and of the compilation of the Main Book | Attachment Recording Link |
| Disruption Events & Disruption Fallbacks – APAC Call | February 20, 2025 | Overview of feedback received on the questionnaire, focusing on offshore Deliverable CNY transactions | Attachment Meeting Minutes |
| Disruption Events & Disruption Fallbacks | October 2, 2024 | Overview of the draft provisions for Non-Deliverable Disruption Events | Recording Link Attachment |
| Disruption Events & Disruption Fallbacks | September 4, 2024 | Overview of the impact to FX transactions of Russian sanctions and Malaysian capital controls | Recording Link Attachment 1 Attachment 2 Attachment 3 |
| Disruption Events & Disruption Fallbacks – APAC Call | June 6, 2024 | Overview of feedback received on the supplementary questionnaire, focusing on offshore CNY | Recording Link Attachment |
| Disruption Events & Disruption Fallbacks – APAC Call | May 3, 2024 | Overview of feedback received on the questionnaire, focusing on Non-Deliverable transactions and offshore CNY | Recording Link Attachment |
| Disruption Events & Disruption Fallbacks | May 2, 2024 | Overview of feedback received on the questionnaire, focusing on Non-Deliverable transactions | Recording Link Attachment |
| Disruption Events & Disruption Fallbacks – APAC Call | April 12, 2024 | Overview of feedback received on the questionnaire, focusing on Deliverable transactions and offshore CNY | Recording Link Attachment |
| Disruption Events & Disruption Fallbacks | April 10, 2024 | Overview of feedback received on the questionnaire, focusing on Deliverable transactions | Recording Link Attachment |
| FX Definitions Update Kick Off Call | January 22, 2024 | Inaugural call with the WG | Attachment |
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