This page will be updated on a regular basis as relevant information becomes available and will serve as a repository for information from ISDA relating to the initiative to update the 2002 ISDA Equity Derivatives Definitions (the “2002 Equity Definitions”).

Members who would like to stay updated on or be involved in this initiative can join the ISDA Equity Definitions Legal Group (group open to equity derivatives lawyers only) and the ISDA Equity Market Infrastructure Group (group open to all members).

Throughout the project, ISDA will be engaging with market participants and key infrastructure providers. Should any member and non-member have questions or comments, they can email ISDA Derivative Products And Infrastructure at ISDADerivativeProductsAndInfrastructure@isda.org.

Background – Initiative to Enhance the 2002 Equity Definitions

In 2023, ISDA launched an initiative to enhance the 2002 Equity Definitions following consultation with members of the ISDA Equity Steering Committee. More information is available at the following page.

Project Milestones

• Publication of version 1.0 of the 2002 ISDA Equity Derivatives Definitions (Versionable Edition) (the “Equity Definitions VE”)
  On January 25, 2024, ISDA published version 1.0 of the Equity Definitions VE in MyLibrary which, apart from the ability to be updated in the future, is substantially the same as the 2002 Equity Definitions.
• Industry Implementation Phase Launch
  In September 2024, following agreement with the ISDA Equity Steering Committee, ISDA launched an industry implementation initiative, targeting industry go-live for referencing the Equity Definitions VE from October 2026.
• Publication of Version 2.0
  Throughout 2024, ISDA and members of the Equity groups worked on producing the first set of enhancements to the Equity Definitions VE.
  On January 21, 2025, ISDA published version 2.0 of the Equity Definitions VE in MyLibrary.
  More information is available at the following page.
• ISDA Protocol (expected launch in October 2025)
  As part of the agreed industry implementation plan, ISDA expects to launch a Protocol that will amend master equity confirmation agreements to reference the Equity Definitions VE, replacing the 2002 Equity Definitions.
  The protocol launch is scheduled for October 2025, with the effective date falling one year later in October 2026.
  More information on the ISDA Protocol will be provide in due course.
• Industry Implementation Go-Live (expected in October 2026)
  From October 2026, equity derivatives documentation is expected to start referring to the Equity Definitions VE, both for transactions executed under bilateral master equity confirmation agreements (updated via the ISDA Protocol) and for equity derivative transactions executed via long-form/standalone confirmations (updated by market participants).
  More information on industry preparatory tasks, market outreach and market educational material will be provided in due course.

Useful Material

• Benefits of Adopting the Equity Definitions VE
  Market participants can refer to the attached list of benefits of adopting the Equity Definitions VE and can use it to socialize this initiative with relevant stakeholders and counterparties.