An overview of the structure of the definitional booklet, matrices and ancillary documentation, including an introduction to ISDA’s MyLibrary, the web-based user interface on which the definitional booklet has been published. 

An explanation of how the Calculation Agent’s standard has changed under the 2021 Definitions and what it means in practice. This session will look at provisions in the 2021 Definitions which empower the parties to request more information or challenge determinations made by the Calculation Agent in relation to the Cash Settlement and Generic Fallback provisions. 

This session will look at the new concept of an ‘Unscheduled Holiday’ in relation to payment dates and period end dates as well as the new day count fractions that have been introduced into the 2021 Definitions and how Business Days are dealt with compared with the 2006 Definitions. 

The way in which benchmarks are represented in the 2021 Definitions has changed from narrative to tabular format. This session will look at the reasons behind the changes and what it means in practice. The 2021 Definitions builds on the work recently undertaken for the 2006 ISDA Definitions in relation to fallbacks by introducing temporary non-publication, index cessation and administrator/benchmark events in order to improve contractual robustness. This session looks at the standardized and bespoke fallbacks included in the 2021 Definitions and acknowledgement regarding changes to benchmarks.

The Cash Settlement provisions in the 2006 Definitions have not kept pace with the evolution of the markets. The 2021 Definitions seek to provide more robust and less discretionary methodologies that better reflect modern practices. 

Moving from the 2006 Definitions to the 2021 Definitions required a significant investment of time and effort by firms – what were the drivers for buy-side and sell-side users and what were the challenges? What happened on the 4th October 2021 implementation date and subsequently for cleared, on-venue and bilateral trades. What changes were implemented in FpML and middleware platforms? What progress has been made on industry adoption in the last three years and what’s left to be done? What steps should market participants be taking if they have not already adopted the 2021 Definitions? What does it mean for the 2006 ISDA Definitions?

Moderator: Graham Bryant, Associate General Counsel, ISDA
Bridget Austad, Managing Legal Counsel , LCH
Ilene K. Froom, Partner, Faegre Drinker Biddle & Reath LLP
Guy Gurden, Managing Director, Trade Processing Head of Rates and Credit Product Design, OSTTRA
Alex Mbaya, Vice President, Goldman Sachs