IIF, ISDA and SIFMA Submit Comment Letter on Basel III Endgame Proposal
The Institute of International Finance, ISDA and SIFMA have filed a joint comment letter with the Federal Reserve, FDIC and OCC on the Basel III endgame proposal targeting Category I and II banks and those with significant trading activity. The letter focuses on the Fundamental Review of the Trading Book, CVA risk, counter‑party credit risk and the standardized approach for CCR, urging more risk‑sensitive calibration. It highlights three themes—enhanced risk sensitivity, rule consistency and reduced operational burdens—and recommends a rollout no earlier than Jan 1 2028.
ISDA Responds to CFTC’s Proposed Modifications to Clearing Requirements
On June 11, ISDA submitted comments supporting the CFTC’s proposed rule changes that would modify clearing obligations for interest‑rate swaps denominated in Canadian dollars and Mexican pesos. The agency’s plan removes fixed‑to‑float swaps referencing CDOR and TIIE from mandatory clearing, while...
Supporting ISDA SIMM Adoption in Australia
Australia’s superannuation system, now the world’s fourth‑largest with assets equivalent to about 160% of GDP, is rapidly expanding its offshore exposure. Derivative use, especially FX hedges estimated at A$500 billion ($357 billion), is soaring, prompting tighter liquidity monitoring. The ISDA Standard Initial...
ISDA, GFXD Respond to ASIC on Proposed Changes to Derivative Transaction Rules
On May 22, ISDA and the Global Foreign Exchange Division of the Global Financial Markets Association submitted a joint response to ASIC’s consultation on the 2024 Derivative Transaction Rules (Reporting). The associations broadly endorse the proposed amendments but object to provisions...
ISDA-SIFMA Letter – CFTC-SEC Harmonization
On May 19, 2026 ISDA and SIFMA jointly urged the SEC and CFTC to harmonize their swap‑regulation frameworks as part of the agencies’ Joint Harmonization Initiative. The following day they, together with the Futures Industry Association, asked the CFTC to...
ISDA Responds to MAS on Prudential Treatment of Crypto Assets on Permissionless Blockchains
ISDA and ASIFMA have submitted a joint response to the Monetary Authority of Singapore’s consultation on prudential treatment of crypto assets on permissionless blockchains. They welcome MAS’s move toward a technology‑neutral, risk‑sensitive approach but flag practical challenges in applying principles‑based...
SwapsInfo First Quarter of 2026 Review
SwapsInfo reports a 38.1% year‑on‑year rise in interest‑rate‑derivatives (IRD) notional to $174 trillion in Q1 2026, driven largely by overnight index swaps. Index credit‑derivative notional surged 39.8% to $7.4 trillion, while security‑based credit‑derivative volume remained flat with a modest 3% increase. Trade counts...
ISDA Responds to AMLA on Customer Due Diligence Under AMLR
On May 7, 2026 ISDA submitted a response to the Anti‑Money Laundering Authority’s consultation on draft regulatory technical standards for customer due diligence under the AML Regulation. While endorsing the Association for Financial Markets in Europe’s position, ISDA flagged a mismatch...
Episode 57: Clarity on Crypto
The ISDA podcast’s Episode 57, “Clarity on Crypto,” features SEC Commissioner Hester Peirce discussing the evolving U.S. regulatory stance toward digital assets as the Clarity Act moves through Congress. Peirce outlines the SEC’s shift toward a principles‑based framework, emphasizing flexibility over prescriptive...
Capital Models Benchmarking: A Framework for Counterparty Credit Risk Internal Models
Firms using internal models for counterparty credit risk (CCR) face numerous implementation choices, from data inputs to Monte Carlo simulation techniques. To strengthen model validation, the industry is adopting a peer‑benchmarking framework that compares results across institutions using hypothetical portfolios....
ISDA AGM Studio: Scott O’Malia and Yuval Rooz, Digital Asset
ISDA CEO Scott O’Malia sat down with Digital Asset co‑founder and CEO Yuval Rooz to discuss the accelerating momentum behind tokenization in financial markets. The conversation highlighted how tokenized assets could unlock new derivatives use cases, offering faster settlement and...
Higher Collateral Puts Focus on Cross-Product Netting
Record collateral levels for derivatives reached $1.6 trillion in non‑cleared and $423.5 billion in cleared contracts by end‑2025. This surge forces firms to rely on securities financing transactions (SFTs) for high‑quality liquid assets, but regulatory rules limit cross‑product netting under Basel III SA‑CCR....
ISDA Margin Survey Shows Leading Derivatives Firms Collected Record $1.6 Trillion of Margin in 2025
ISDA’s 2025 margin survey shows leading derivatives firms collected a record $1.6 trillion in margin for non‑cleared exposures, a 9.3% rise from the previous year. Initial margin jumped 21.7% to $524.7 billion, while variation margin grew 4% to $1.04 trillion. The share of...
ISDA Margin Survey Year-End 2025
Leading derivatives participants reported a total of $1.6 trillion in initial and variation margin at the end of 2025, a 9.3% increase from 2024. Of this, $524.7 billion was initial margin and $1.0 trillion was variation margin. Required IM posted to major central...
Managing Assets in an Uncertain World: Opening Remarks
In opening remarks at the Managing Assets in an Uncertain World event, ISDA CEO Scott O’Malia highlighted the accelerating shift toward digital assets and tokenization within derivatives markets. He noted that tokenized collateral can cut settlement friction and expand usable...