The International Swaps and Derivatives Association (ISDA) has published its Notices Hub legal survey results that was conducted among its high-level e-contract opinions counsel. The survey aimed to determine whether there are any impediments to the effective delivery of a notice through the ISDA Notices Hub.

The International Swaps and Derivatives Association (ISDA) has published the October 2025 Benchmark Module for purposes of the ISDA 2021 Fallbacks Protocol, effective from 7 October 2025. The Module enables parties to amend their derivatives documentation to incorporate comprehensive fallback provisions for two key benchmarks: CD 91D and WIBOR.

The International Swaps and Derivatives Association (ISDA) published Phase 4 of its climate risk scenario analysis for trading books, reviewing the short-term scenarios released by the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in May 2025 from a trading book perspective and provides market risk shocks corresponding to two NGFS scenarios. The market risk shocks are designed to translate multi‑year NGFS scenarios into trading book applications while remaining consistent with ISDA’s previously published market risk frameworks.

The International Swaps and Derivatives Association (ISDA) has published ‘Climate Risk Scenario Analysis for the Trading Book Phase 2’ which follows the development of a conceptual framework published by ISDA in July 2023. During the second half of 2023, ISDA piloted the framework developed in Phase I with more than 30 member banks and developed three climate scenarios (physical, transition and combined). The output of this initiative includes a detailed set of scenario parameters covering a range of market risk factors, including country and sectors.

The International Swaps and Derivatives Association (ISDA) has published the third phase of its project developing a framework for climate risk scenario analysis in trading books. This latest instalment comprises two key components: a survey assessing industry progress and operational readiness, and an expansion of market risk factors for transition risk scenarios. Building upon work from 2023-2024, ISDA's approach uniquely focuses on very short-term horizons relevant to trading activities and proposes calibrated market risk factor shocks for each scenario. The initiative aims to enhance firms' understanding of climate-related financial risks amidst evolving regulatory requirements, addressing the distinct challenges posed by trading book analysis.

The International Swaps and Derivatives Association (ISDA) has published the US Securities and Exchange Commission (SEC) Initial Margin (IM) Supplement (Alternative Compliance Mechanism). This supplement is designed for use where parties anticipate operating under the alternative compliance mechanism for security-based swap dealers that are registered as swap dealers and have limited security-based swap activities (as set out in Section 240.18a-10 of the SEC margin rules).

The International Swaps and Derivatives Association (ISDA) has published its annual margin survey showing that leading derivatives market participants collected a record USD 1.6 trillion of initial margin (IM) and variation margin (VM) for non-cleared derivatives exposures in 2025, representing a 9.3% increase from the previous year. The survey shows IM collected totalled USD 524.7 billion, up 21.7% from USD 431.2 billion, while VM collected grew 4% to USD 1.04 trillion from USD 998.7 billion. Market participants are diversifying collateral assets, with cash's share of total VM received declining to 67.6% in 2025 from 80% in 2020, while government securities increased to 20.2% from 12.7% and other securities grew to 12.3% from 7.4%. For IM, government securities' share fell to 52.6% in 2025 from 66.5% in 2018, while other securities rose to 37.2% from 12.7%. The survey also found USD 423.5 billion of required IM was posted to major central counterparties for cleared interest rate derivatives and credit default swap transactions, up 8.7% compared to 2024.

The International Swaps and Derivatives Association (ISDA) has published an article on how a smart contract can be developed based on the ISDA Digital Assets Definitions. Assistant general counsel, smart contracts & digital assets, at ISDA, Ciarán McGonagle and Web3 Solutions Architect at Null Technologies Ltd, Finn Casey Fierro, provide an overview of the initiative, explaining how the ISDA Digital Assets Definitions were developed and also explore how the smart contract was designed and the functionality it provides.

The International Swaps and Derivatives Association (ISDA) has published a paper on assessing the EU clearing landscape following the implementation of the European Market Infrastructure Regulation 3.0 (EMIR 3.0). ISDA stated that the Active Account Requirement (AAR) has strengthened the operational resilience of EU counterparties by requiring certain firms to maintain clearing accounts at EU central counterparties (CCPs), providing fallback arrangements in the event of operational disruption or stress at third-country CCPs. The paper noted that clearing activity at EU CCPs, including Eurex, has increased since the introduction of the AAR, although ISDA said it remains too early to assess the full impact of the regime. ISDA argued that existing supervisory powers under EMIR 2.2 already address financial stability risks linked to UK CCPs and called on the European Commission to grant stable, non-time-limited equivalence for UK CCPs to preserve EU firms’ access to global liquidity pools. The paper also proposed additional measures to improve the competitiveness and attractiveness of EU CCPs, including promoting voluntary clearing by public entities, enabling cross-margining, facilitating centrally cleared repo transactions, supporting the use of tokenised collateral and strengthening the EU porting framework.

The International Swaps and Derivatives Association (ISDA) has published its Credit Derivatives Trading Activity in the EU, UK and US Markets report which provides an analysis of credit derivatives trading activity reported in Europe for the first half of 2025 (H1 2025) and second quarter of 2025 (Q2 of 2025). The report shows that in H1 2025, the UK accounted for 77.4% of European credit default swap (CDS) trading, while the EU made up 22.6%. Across the EU, UK and US, the UK contributed 26% of total CDS traded notional, the EU 7.6% and the US 66.5%. The UK dominated European single-name CDS activity with 98.3%, compared to 1.7% in the EU. Overall, the UK handled 60.8% of single-name CDS trades and the US 38.2%.

The International Swaps and Derivatives Association (ISDA) has published version 1.0 of the ISDA Equity Derivatives Definitions. This digital publication is substantively the same as the 2002 ISDA Equity Derivatives Definitions but can be updated over time within ISDA’s MyLibrary platform.

The International Swaps and Derivatives Association (ISDA) has published its Market Practice Guidance for parties to inflation derivative transactions that are affected by the rebasing of the German Consumer Price Index (CPI) as of January 2023. ISDA noted German CPI levels were rebased such that the reference year changed from the previous 2015 = 100 to the new 2020 = 100 base.