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 (launched on October 27, 2025)
  As part of the agreed industry implementation plan, ISDA launched a Protocol that will amend master equity confirmation agreements to reference the Equity Definitions VE, replacing the 2002 Equity Definitions.
  Please refer to the “ISDA Protocol Information” section below for more details.
• ISDA Bilateral Amendment Agreement (published on October 27, 2025)
  ISDA published a form of an amendment agreement for bilateral adoption of the ISDA Protocol’s terms in existing agreements on ISDA’s Library website.
• Industry Implementation Go-Live (expected on October 26, 2026)
  From October 26, 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 is available under the “Useful Material” heading below.
  More information on market outreach and market educational material will be provided in due course.

ISDA Protocol Information (launched on October 27, 2025)
The Protocol dates are scheduled to be the following:

• Pre-adherence (for dealer institutions only): From October 6, 2025, until October 26, 2025.
• General adherence (for all market participants): From October 27, 2025.
• Protocol effective date: October 26, 2026.

An overview of the Protocol first draft is available under the “Working Group Calls” heading below.
Market participants can adhere to the Protocol by visiting the Protocol website, where the Protocol text, the Protocol FAQs, and the Protocol adherence instructions are also available.

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.
• Industry Adoption Playbook
  Market participants can refer to the attached list of potential preparatory tasks in order to prepare for the transition to the Equity Definitions VE.
• Equity Definitions VE Brochure
  Market participants can refer to the attached brochure to socialize this initiative with internal and external stakeholders including as part of their client & counterparty adoption outreach.

Working Group Calls