The 2021 ISDA Interest Rate Definitions
Monday, November 18 to Friday, January 24, 2025Online
This is a pre-recorded Virtual Conference
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Recording available until January 24, 2025
In 2021 ISDA published an updated and enhanced version of its landmark definitional booklet for interest rate derivatives, marking a big step in the shift to digital documentation.
The 2021 ISDA Interest Rate Derivatives Definitions are the first ever to be published as a natively digital definitional booklet, and are available via ISDA’s electronic documentation platform, MyLibrary. The digital format will create significant efficiencies in how firms use and interact with the definitions, reducing complexity and the potential for error.
This is a pre-recorded ISDA Virtual Conference:
- This is a recording of the The 2021 ISDA Interest Rate Definitions virtual conference which took place on November 18, 2024
- Registrants will have access to the recording until 5:30 PM EST, January 24, 2025
- After submitting your registration, you will receive a confirmation email with a link to view the documents and recording
8:35 AM Introduction and Welcoming Remarks Rick Sandilands
8:45 AM Structure of the 2021 ISDA Interest Rate Derivatives Definitions Suzanna Brunton, Rick Sandilands
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.
Suzanna Brunton, Counsel, London & Paris, Linklaters LLPRick Sandilands, Senior Counsel, Europe, ISDA
9:15 AM Role of the Calculation Agent and Challenging Determinations Rick Sandilands, Deepak Sitlani
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.
Rick Sandilands, Senior Counsel, Europe, ISDADeepak Sitlani, Partner, Linklaters LLP
9:35 AM Days, Periods, Dates and Conventions Tamsin Rolls
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.
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan10:05 AM Break
10:10 AM Floating Rate Options and Fallbacks Suzanna Brunton, Michelle Hurd
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.
Suzanna Brunton, Counsel, London & Paris, Linklaters LLPMichelle Hurd, Director, Derivatives Product Management, ISDA
11:00 AM Cash Settlement Provisions Suzanna Brunton
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.
Suzanna Brunton, Counsel, London & Paris, Linklaters LLP11:45 AM Break
11:50 AM Industry Implementation and Adoption of the 2021 Definitions Graham Bryant, Bridget Austad, Ilene K. Froom, Guy Gurden, Alex Mbaya
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