This was the first of two Insights calls focusing on the obligations under EMIR. Our panel revisited the basics by providing an overview of requirements relating to the categorisation of counterparties, risk mitigation and reporting. They also discussed how the EMIR‑related provisions that are typically included in ISDA Agreements facilitate compliance with these requirements.

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Credit Derivatives featured in the news, including the complex issues that arose following the occurrence of a credit event and ISDA's proposed reforms to the Determinations Committees (DCs). On this call, the panel covered DC decisions over the past year, including the determination by an external review panel of a restructuring credit event regarding Ardagh Packaging Finance, and the debate regarding the outstanding debt that could be brought into the settlement auction. The panel also addressed the DC's deliberations on whether locked‑up bonds could be used in an auction to settle CDS relating to Altice France, and ISDA's consultation on implementing a uniform approach towards locked‑up debt. Our speakers provided an update on ISDA's reforms to the governance of the DCs.

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This call focused on the key aspects of contingent FX and interest rate transactions for those who were new to these or were interested in finding out more. Our speakers began the call by outlining when contingent FX and interest rate transactions were likely to be entered into and how their unique features distinguished them from other types of transactions. They then considered the most common issues that could arise during negotiations, for both the buy‑side and the sell‑side. The final part of the call reflected on how the market had developed to date and the trends that had emerged alongside this.

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Recent difficulties with notice service during market disruption have prompted discussion on whether prescribed delivery methods under the ISDA Master Agreement could be enhanced to mitigate challenges. ISDA's Notices Hub allows critical notices to be securely delivered and received online and provides an up-to-date record of a party's address. Our panel outlined the operational framework of the Notices Hub, explained steps to integrate it within ISDA Master Agreements and highlighted key legal and practical considerations.

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On this call our dispute resolution experts outlined recent developments that affected jurisdiction clauses and the UK Arbitration Act and how these might have been relevant to derivatives transactions. These included: • The scope of the 2019 Hague Convention on Recognition and Enforcement of Judgments and how this might have assisted parties seeking to enforce judgments outside the UK • The Lastre case, which considered the validity of asymmetric clauses under EU law, and the potential impact of this decision on jurisdiction clauses and transactional opinions • Updates to the UK Arbitration Act 1996 and the consequences for determining the relevant governing law of arbitration proceedings

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The resumption of parliamentary business provided the opportunity to recap on 2025 so far and consider what was likely to be on the UK and EU regulatory agenda over the following few months. During this call the panel reflected on the implementation of EMIR 3.0 to date, including the then current status of the active account requirement, as well as the wider derivatives reporting landscape and recent enforcement trends. They also looked at the potential impacts of proposed changes to the UK CCP Rulebook, as well as other key issues to monitor, including possible changes to the financial collateral regime, upcoming changes to benchmarks regulation and developments in carbon markets and ESG regulation that could have impacted derivatives markets.

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2025 was a significant year for ISDA, as it commemorated the 40th anniversary of its establishment. It also proved to be notable for its work on significant documentation and infrastructure projects, as well as regulatory policy initiatives. On this call, the panel recapped and reflected on the current status of a number of ISDA workstreams, including: • The recent interactive Close-out workshops; • The creation of the online Notices Hub and associated documentation remediation project; • The update and consolidation of the FX Definitions; • The continued development of the Verified Carbon Credit Transaction Definitions and Digital Asset Derivatives Definitions; and • Responses to the EMIR 3.0 updates and the impact of the Insolvency Harmonisation Directive.

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On this call, the panel provided their thoughts on several recent cases which were of relevance to the agreements underpinning derivatives transactions. Themes included: Developments in contract law, such as the interpretation of terms and what would constitute "reasonable endeavours" in the context of a force majeure event (RTI Ltd v MUR Shipping BV) and the circumstances in which terms might be implied into contracts (Standard Chartered PLC v Guaranty Nominees Limited and Ors); An update on decisions considering jurisdiction and governing law clauses (Dexia Credit Local SA v Patrimonio del Trentino SpA and Deutsche Bank AG London v Provincia Di Brescia) as well as the key points to consider when documenting the appointment of process agents; What happened next in the case of Grant v FR Acquisitions Corporation (Europe) Ltd where the court held that payments owed but suspended under section 2(a)(iii) of the Master Agreement could become due for payment at a later date; and additional relevant cases.

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As anyone who has ever reviewed or worked on a legal opinion will know, the foundations of even the most well-established netting regimes may be supplemented or amended from time to time. On this call, the panel discussed a number of initiatives which might have affected the netting arrangements underpinning derivatives transactions with certain counterparties. They began by considering the EU's proposed directive aimed at harmonising insolvency laws across Member States, before turning to the provisions in the draft EU Insurance Recovery and Resolution Directive. The final part of the call focused on jurisdiction-specific updates, including recent amendments to the Italian Insolvency Code, the changes and clarifications made by the new UAE Netting Law, and the status of the netting opinion for Saudi Arabia.

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On this call, the panel considered a number of forthcoming developments that were of interest to both UK and EU firms. These included: UK legislative developments (the UK's Property (Digital Assets etc) Bill and plans for a UK corporate re-domiciliation regime), EU legislative developments (the proposed regulation on common conflict of law rules on the third-party effects of the assignment of claims, and the proposed directive aimed at harmonising insolvency laws), Other international developments (including the IOSCO consultation on pre-hedging, the LME White Paper on Enhancing Liquidity, the US Outbound Investment Security Program and the Hague Judgments Convention).

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The recent auction and related deliberations of the Credit Derivatives Determinations Committee in respect of Avon Products, Inc. were the subject of much interest across the market, with competing views on whether a promissory note should have constituted a Deliverable Obligation for the purposes of the auction or not. On this call, our speakers explored the key issues that arose in this case. They also provided an update on the status of ISDA's recent consultation in respect of the reform of the Credit Derivatives Determinations Committees.

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With the EU's EMIR 3.0 regulation expected to be published in the Official Journal imminently, this session looked at where things stood in relation to EU EMIR and UK EMIR and what changes were in the pipeline. We focused on areas of divergence between the two regimes and how counterparties could prepare for the upcoming changes.

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We brought together our experts to examine the ongoing and significant changes to the Benchmarks regime and discussed recent events related to the IBOR transition. Beginning with the EU Benchmarks Regulation, the panel discussed the market issues and concerns surrounding the ability of EU firms to continue referencing non-EU benchmarks with the end of the transitional period the following year. We then turned to market responses to the transition from LIBOR with the cessation of synthetic LIBOR in September, along with our observations on the recent Standard Chartered PLC test case on LIBOR transition.

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On this call, the panel provided an overview of current market trends in strategic equity derivatives, regulatory issues that should have been on the radar screen, and developments in relation to the UK's financial collateral regime and the 2002 ISDA Equity Derivative Definitions.

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Recent market disruptions, such as the imposition of sanctions and the COVID 19 pandemic, have highlighted the challenges which parties may face in attempting to serve notices and close out their transactions. At the same time, the introduction of resolution stay regimes supported by the ISDA Resolution Stay Protocol and the wide use of initial margin held with third party custodians have all added a new dimension for close-out procedures, enforcement, valuation and decision-making. On this call, the panel discussed ISDA's proposed initiatives to mitigate some of these issues and support the market in managing these new close-out aspects.

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On this call the panel provided an overview of recent market developments and legal initiatives affecting digital assets and digital currencies. Our expert speaker from the US began the call by outlining the ways in which digital assets may intersect with derivatives, notably in relation to the tokenization of traditional assets for use in derivatives trading, clearing and settlement and transactions referencing crypto assets as the underlying. The focus then turned to the UK and the evolving legal discussions on the insolvency and property law aspects of Digital Assets, together with the potential implications of these for transactions. The panel concluded the call by reflecting on ISDA initiatives over the past 18 months, such as the publication of the Digital Assets Derivatives Definitions and the 'Tokenized collateral model provisions' for inclusion in variation margin CSAs.

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ISDA recently published a report assessing the function, governance and membership of the Credit Derivatives Determinations Committees (the "DCs"), taking into account feedback from various stakeholders across the market ("the Report"). Whilst the Report recognised that the DC process provided a valuable service to the credit derivatives market, it nonetheless set out a number of proposals for further consultation and improvement. The panel began the call by reflecting on the DC process as it operated at the time, before highlighting some of the most notable observations within the Report. They then discussed the recommendations for reform and potential next steps.

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The panel gave an overview of the current market in SLDs, before looking at some of the regulatory questions raised by these and factors that may affect how parties approach transactions. The panel also took a closer look at how the SLD Clause Library has been developed and will be applied and outline some of the key issues to consider when developing SLD Confirmation terms.

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ISDA continues to be busy consulting with market participants on a wide range of industry initiatives. Beginning with digital assets, following onto the panel considering ISDA’s upcoming report on the lessons learned and evolving challenges posed by sanctions as well as the status of the proposal to develop a Notices Hub (and possible protocol) for the serving of close-out related notices (and other notices). The panel will conclude the call by updating on the ongoing considerations regarding potential updates to the FX Definitions.

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On this call the panel gave an overview of what would be on the UK and EU regulatory agenda over the following months and where firms should be focussing their attention. Top of the list was the Financial Services and Markets Act 2023, which implements the UK's post-Brexit future regulatory framework for financial services. During the call the panel explained how the Act updates the UK regulatory regime, before outlining certain key features for derivatives markets. They also discussed other topical issues such as the proposed reforms to MiFID/MiFIR and EMIR.

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The mid-point of 2023 provides us with the opportunity to recap and reflect on certain industry developments that have taken place so far this year. Beginning with the recently launched Shanghai Hong Kong Swap Connect platform, the panel outline how this enables offshore investors to execute interest rate trades in mainland China and consider how this has been received in the market to date. They provide an update on ISDA’s recently announced plans to consult market participants on the form and content of the 1998 FX and Currency Option Definitions, with a view to potential amendments and improvements. Turning from FX rates to interest rates, the panel will conclude the call by providing an update on the current landscape of USD LIBOR transition ahead of the impending 30 June 2023 deadline.

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The COVID pandemic and recent imposition of sanctions have once again shone a spotlight on the specific requirements and procedures for serving notices under Sections 5 and 6 of the ISDA Master Agreement. Market participants have encountered various difficulties in attempting to deliver notices to their counterparties, leading to uncertainties as to how ensure notices are effectively delivered. The extent of such challenges prompted ISDA to establish a working group for the purpose of considering potential amendments to the notices provisions. On this call the panel outlined some of the issues commonly encountered by the market and how parties have traditionally addressed these. They also provided an update on ISDA’s proposed amendments and how they could expand the scope of the existing notices provisions, before considering other potential developments for effectively serving notices.

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Clifford Chance's derivatives experts will be attending the 2023 ISDA Annual General Meeting, and panellists from across our global network will be sharing their observations across two 30-minute calls before and after the AGM – one looking forward to the likely key themes that will come out of the discussion with keynote speakers, regulators and market participants in the financial markets, and one after the AGM picking up on the main takeaways from the AGM. Clifford Chance are proud sponsors of the 37th ISDA AGM.

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Clifford Chance's derivatives experts will be attending the 2023 ISDA Annual General Meeting, and panellists from across our global network will be sharing their observations across two 30-minute calls before and after the AGM – one looking forward to the likely key themes that will come out of the discussion with keynote speakers, regulators and market participants in the financial markets, and one after the AGM picking up on the main takeaways from the AGM. Clifford Chance are proud sponsors of the 37th ISDA AGM.

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On this call, the panel provided an update on current developments affecting the commodities markets and consider some of the issues arising as a result of last year's suspension of trading at the LME. They also outlined recent developments in the trading of voluntary carbon credits following the publication of the 2022 ISDA Verified Carbon Credit Transaction Definitions, before moving on to discuss the scope of ISDA's latest project in relation to sustainability-linked derivatives.

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There are some significant regulatory changes being planned for 2023 in the UK and EU, with the UK starting work on the reform of legacy EU regulation under the Financial Services and Markets Bill and the EU completing its review of EMIR and MiFIR, among other developments. On this call, the panel will look at what to expect in 2023 and some of the impacts for derivatives markets participants, including potential changes to documentation, reporting requirements and the clearing and margin obligations.

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On this call the panel discuss the newly published ISDA Digital Asset Derivatives Definitions, giving an overview of their development and the scope of the definitions and considering what future developments may be in relation to digital asset derivatives. The panel also provided an overview of developments in the repo and stock lending markets in relation to digital assets, as well as an overview of upcoming regulatory developments that may impact derivatives, repo and stock lending

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On this call, the panel provided an overview of the current status of legislative and regulatory developments to address tough legacy contracts (including the FCA's proposals to require the continued publication of the 1, 3 and 6 month US dollar LIBOR settings on a synthetic basis until the end of September 2024), together with an update on issues relating to the continued use of term rates. They also considered the actions that market participants may be taking to remediate their US dollar LIBOR agreements, incorporating lessons learned from the transition from sterling LIBOR, whilst reflecting on the issues they may face in doing so.

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The original EU EMIR legislation has already undergone two major amendments since it came into force in 2012. Changing market circumstances and developing issues continue to focus attention on the scope and detail of the regulation and whether these strike the right balance between risk and opportunity. On this call, the panel discussed the key aspects of the proposal relating to clearing, margin requirements, reporting, intra-group transactions, and CCPs, as well as considering equivalent developments in the UK.

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On this call, the panel provided an update on developments in the voluntary carbon credit (VCC) market, including the soon to be released 2022 ISDA Verified Carbon Credit Derivatives Definitions, the characterisation of VCCs under the recent Law Commission Consultation Paper on Digital Assets and recent regulatory proposals which have the potential to affect derivatives market participants.

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With the "Go-live" date for the new 2021 ISDA Interest Rate Derivatives Definitions scheduled for Friday 4 June 2021, on this call the panel discussed the key changes being implemented by the new definitions. The panel considered the changes made to the cash settlement methodologies, new business day provisions, market disruptions and closures as well as how these definitions have been adapted for digitisation and standardisation. We also discussed how these new definitions link into IBOR reform as well as the timeline for implementation. Paget Dare Bryan chaired the discussion with colleagues Sarah Lewis and Greg Chartier.

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On this call, the panel discussed the impact on commodity derivatives requirements of the EU27 "quick fix" amendments to MiFID2 as well as the UK FCA consultation on equivalent changes. We also considered the implications for commodities regulation of the forthcoming EU27 broader MiFID review, the impact of Brexit and the expected UK FCA consultation on changes to the on-shored MiFID2 regime. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Sarah Lewis.

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Following the effective date of the ISDA IBOR Fallbacks Supplement and Protocol on 25 January 2021, on this call the panel discussed the key milestones to watch out for this year in IBOR transition and the challenges now facing banks and counterparties, including with their linked cash products and tough legacy transactions. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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This call provided an update on a range of derivatives-focused cases over the last 12 months, covering issues such as the effect of mistake in respect of computerised contracts for cryptocurrencies; the relevance of "market practice" to market standard master agreements; the effective giving of notice in respect of interest rate swaps; and parties acting ultra vires. Paget Dare Bryan chaired the discussion with colleagues Simon James, Anne Drakeford and Tessa Crook.

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Following the conclusion of the Brexit trade agreement negotiations on 24 December 2020, on this call we looked at the state of play in early 2021 and discussed key issues derivatives practitioners need to focus on as we settle into the post-transition period. The panel discussions also addressed the key features of the recently released suite of ISDA Brexit documentation templates. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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On this call we reviewed the impact of Covid-19 and the resultant governmental and regulatory responses as well as discussing some of the lessons learned. We also looked at developments in insolvency law and actions to take in anticipation of future restructurings and insolvencies. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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On this call we discussed ISDA documentation prepared for the end of the Brexit UK transition period on 31 December 2020 as well as documentation requirements in connection with bail-in and recognition of resolution stays under Articles 55 and 71(a) of the Bank Recovery and Resolution Directive (BRRD). We also discussed other key documentation requirements in connection with Initial Margin (IM), Article 15 of the Securities Financing Transactions Regulation (SFTR) and IBOR reform. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Anne Drakeford and Thea Gausel.

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Further to the recent publication by Clifford Chance together with ISDA and R3 of the paper "Private International Law Aspects of Smart Derivatives Contracts Utilizing Distributed Ledger Technology: New York Law" on this call we discussed key legal issues from a private international law perspective relating to the introduction of Distributed Ledger Technology into derivatives trading relationships as considered in that paper. In addition we considered an earlier paper published in January, also by Clifford Chance together with ISDA and R3, which explored the topic from the perspectives of English and Singaporean law. We also discussed contrasting approaches to using DLT to facilitate settlement and the range of legal issues which need to be addressed. We highlighted the key challenges in addressing these issues in a practical context, including the need to balance regulatory expertise across a range of jurisdictions with a detailed understanding of the existing frameworks.

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With only 2 months to go until the end of the Brexit transition period and no certainty over whether the EU and UK will agree a long term deal, we discussed what a deal might mean for cross-border derivatives transactions, what measures the UK and EU have put in place to mitigate a no-deal Brexit and what the key outstanding issues are. We also discussed the key practical issues for derivatives lawyers to consider now, including amendments to ISDA documentation, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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This call looked at the impact of ESG regulation on derivatives, including a reminder of what we mean by "ESG", progress with developing regulation around ESG products and what this could mean for derivatives. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Clare Burgess.

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As the release of the ISDA IBOR Fallbacks Protocol and Supplement approaches, this call looked at the range of issues and choices for both the buy side and sell side involved in Protocol adherence. These include: how the Protocol works and the structure of the ISDA Fallbacks Supplement; strategic considerations prior to Protocol adherence; the impact of pre-cessation and cessation fallback triggers; the use of ISDA bilateral templates; and key regulatory, compliance and conduct considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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On this call we gave an update on recent developments in terms of Brexit as the end of the transition period begins to draw nearer, including the current status in respect of licensing and equivalence. We also discussed the key practical issues for derivatives lawyers to consider now, including amendments to ISDA documentation, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Greg Chartier.

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As has been seen previously, in challenging market conditions implied terms often became the focus of discussion and contention. Drawing on the wide range of available case law, our panel highlighted the key issues and messages for derivatives parties facing the challenges of implied terms and contractual interpretation generally as markets react to the impact of Covid-19 and also sought to address upcoming regulatory issues. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Helen Carty and Greg Chartier.

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We discussed the key criteria to consider when assessing the potential eligibility of corporate bonds and loans as ECB or Bank of England collateral. Chris Bates chaired the discussion with Kerstin Schaepersmann and Julia Machin.

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With the continuing pressure from regulators for progress on IBOR reform and following publication of the preliminary results of the second ISDA consultation on pre-cessation issues, parties are turning back to their IBOR transition projects for derivatives. On this call we reviewed significant recent developments, including the recent publication of the Bloomberg Rulebook for IBOR fallback adjustments, and also looked ahead to expected developments over the upcoming months, including finalisation of the IBOR benchmark fallbacks supplement and associated protocol.

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On this call, in light of the difficulties being encountered by companies as a result of the Covid-19 outbreak and the likelihood that this may result in defaults in due course, we considered the impact which decisions which parties or governments may take in relation to the rights and obligations of parties to financial contracts may have on credit derivative transactions, as well as practical steps for buyers and sellers of credit protection to consider to prepare themselves for Covid-19 related credit events. We also took a look back at events over the past year, including the 2019 Narrowly Tailored Credit Events amendments which came into effect in January 2020 and noteworthy recent Credit Derivatives Determinations Committees determinations. Anne Drakeford will chair the discussion with colleagues Tim Cleary and Greg Chartier.

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In light of the disruption to business continuity and market volatility from Covid-19, on this call we discussed the governance and conduct issues for regulated entities, day-to-day compliance with other regulatory obligations, key issues for employers, as well common traps and issues with managing close out and other notices. Caroline Dawson chaired the discussion with colleagues Paget Dare Bryan and Chinwe Odimba-Chapman.

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On this call we first discussed the current status of IBOR reform, including the various ISDA consultations, the role of Bloomberg and the recent escalation of pressure from regulators for progress on IBOR reform. We then looked ahead to the next steps in IBOR reform, including ISDA documentation projects and the second consultation on pre-cessation issues and we also discussed what actions derivatives lawyers should be taking now. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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Further to the recent publication by Clifford Chance together with ISDA, R3 and the Singapore Academy of Law of the paper "Private International Law aspects of smart derivatives contracts utilizing Distributed Ledger Technology", on this call we discussed the key legal issues relating to the use of Distributed Ledger Technology as considered in that paper and in the recent ISDA paper on smart derivatives contracts and collateral.

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This call provided an update on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as negative interest under a CSA, jurisdiction clauses, EURIBOR misrepresentations and express/implied contractual terms as to market practice. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Simon James and Greg Chartier.

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This call discussed current regulatory issues for derivatives lawyers, including recent significant developments in respect of EMIR Refit and EMIR 2.2, SFTR, the Low Carbon Benchmarks Regulation, Sustainable Finance and derivatives, BRRD2 and CSDR. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Paul Lenihan and Laura Douglas.

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On this call we discussed IBOR reform progress in key currencies; the current status of ISDA projects relating to L/IBOR reform; and gave a market update, including on-going regulatory pressures for reform and other key considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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On this call we provided an up-date on credit derivatives, including: the ISDA proposal on "narrowly tailored credit events"; significant recent credit derivatives committee determinations; and the ISDA 2019 German Bank CDS Protocol. Anne Drakeford chaired the discussion with colleagues Tim Cleary and Greg Chartier.

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On this call we discussed ISDA documentation projects relating to the requirement for robust fallbacks under the EU Benchmarks Regulation as well for the development of risk-free rate fallbacks in advance of IBOR discontinuation. Anne Drakeford chaired the discussion with colleagues Paget Dare Bryan and Greg Chartier.

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This call provided an update on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as valuation, negative interest, miss-selling and amendment of contracts. Paget Dare Bryan chaired the discussion with colleagues Simon James, Anne Drakeford and Greg Chartier.

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This call focuses on topics and developments affecting banks, dealers and other sell-side users of derivatives.

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This call looked at cross-border implementation issues for margin, including non-netting and substituted compliance, from US, European and Asian-Pacific perspectives.

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Anne Drakeford chaired the discussion with colleagues Matt Grigg and and Tim Cleary. This call provides an update on CDS and key ISDA Determinations Committee decisions.

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This call covered derivatives related case law – a review of the recent key judgments. Paget Dare Bryan chaired the discussion with colleagues Simon James and and Will Winterton.

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