The International Swaps and Derivatives Association (ISDA) has published guidance on the key changes made in the 2021 ISDA Interest Rate Derivatives Definitions (2021 Definitions), which ISDA published on 11 June 2021. The 2021 Definitions update the 2006 ISDA Interest Rate Derivatives Definitions (2006 Definitions) and consolidate the more than 75 supplements that have been added in the 15 years since their publication. They will be implemented as the market standard definitional book for interest rate derivatives on 4 October 2021.

The International Swaps and Derivatives Association (ISDA) has published an independent review of the Credit Derivatives Determinations Committees (DCs) which was conducted by Linklaters LLP and has launched a market-wide consultation on its recommendations. The review covers the composition, functioning, governance and membership of the DCs. ISDA is seeking feedback from credit default swaps (CDS) market participants on whether or not they support the implementation of such proposals moving forward.

The International Swaps and Derivatives Association (ISDA) has published an interview with David Bailey, the Executive Director for Prudential Policy at the Bank of England's Prudential Regulation Authority (PRA). This interview follows the PRA's recent finalisation of its Basel 3.1 framework, which is scheduled to be implemented at the start of 2027. In the interview, Bailey emphasises the importance of global regulatory consistency and examines the challenges of balancing regulation in rapidly evolving financial markets.

The International Swaps and Derivatives Association (ISDA) has published a market practice note addressing the rebasing of five European inflation indices. The note covers consumer price indices for France, the eurozone, Italy, Sweden and Spain; which includes tobacco-excluding variants as well as indices for specific worker categories. The guidance aims to provide market participants with standardised practices for managing the rebasing of these inflation benchmarks in derivatives transactions.

The International Swaps and Derivatives Association (ISDA) has published a Market Practice Note (MPN) recommending a single methodology for determining the Initial Reference Index for inflation derivative transactions referencing the Consumer Prices for All Urban Consumers (CPI-U), following confirmation by the Bureau of Labor Statistics (BLS) that it will not publish the October 2025 CPI-U level. The MPN applies to ‘New Trades’ that: incorporate the 2008 ISDA Inflation Derivatives Definitions, specify an absolute number, as the Initial Reference Index, and would ordinarily have used the October Level, for transactions dated on or after 28 November 2025. ISDA recommends using the TIPS fallback methodology to generate an alternative value for the missing October level, resulting in a recommended Initial Reference Index of 325.604.

The International Swaps and Derivatives Association (ISDA) has published a proposal to establish a new governance committee for the Credit Default Swap (CDS) Determinations Committees (DCs), marking the first in a series of amendments to improve DC structure. Following a consultation and a review by Linklaters, the proposal aims to separate governance from credit event determinations, with any DC rule changes requiring 80% supermajority approval by the committee after public consultation. The DCs, established in 2009 for centralised CDS market decisions, would maintain their existing role in credit event determinations. ISDA seeks market feedback until 6 June 2025.

The International Swaps and Derivatives Association (ISDA) has published a paper explaining that adopting single sided reporting streamlines transaction reporting without compromising data integrity. The paper responds to regulatory concerns that a shift away from dual‑sided reporting could degrade data quality, arguing instead that properly implemented single‑sided reporting would lower reporting costs and administrative burden. It highlights the approach aligns with the EU’s simplification and burden reduction objectives and would also improve consistency with global reporting frameworks.

The International Swaps and Derivatives Association (ISDA) has published a paper outlining why central counterparty (CCP) stress scenarios used for default fund sizing are not suitable for forward-looking initial margin (IM) simulators. ISDA notes that CCP stress scenarios typically involve a single-step transition from business-as-usual to stressed market conditions, which is sufficient for measuring absolute loss under stress. The policy paper details how CCP IM Models depend on the temporal progression of market stress events, identifying three key mechanisms through which shock trajectories affect margin levels. ISDA recommends implementing incremental scenario simulation for CCPs with path-dependent models due to the complex relationship between stress scenarios, value-at-risk models and additional tools.

The International Swaps and Derivatives Association (ISDA) has shared its EU public policy paper, ‘A Competitive, Resilient, Sustainable Europe: How derivatives can serve the EU’s strategic agenda’, with the European Commission. The paper provides a roadmap for how derivatives can support the EU's strategic priorities for the 2024-2029 mandate. It illustrates how the financial system, and derivatives specifically, can aid the EU in achieving competitiveness, economic security, and a successful green transition.

The International Swaps and Derivatives Association (ISDA) has published a position paper in response to the Commission's sustainability omnibus package. ISDA's response calls for a harmonised approach to derivatives within EU sustainable finance frameworks and recommends removing the trading book key performance indicator from taxonomy disclosures, noting that banks currently lack visibility into client investment objectives. ISDA has further proposed the inclusion of structured products in the upcoming level one review of the Sustainability Finance Disclosure Regulation. Additionally, ISDA advocates for scaling up carbon credits certified under the EU carbon certification removal framework and incorporating internationally verified carbon credits into the EU Emissions Trading System—contingent upon the resolution of consistency and clarity issues.

The International Swaps and Derivatives Association (ISDA) has released a document outlining a strategy for post-trade transparency under the updated Markets in Financial Instruments Regulation (MIFIR) for reporting single-name credit default swaps (CDS) linked to globally significant banks, facilitating substantial transparency and practical implementation. This publication is part of ISDA's continuous efforts to assist the industry in adapting to the changing regulatory environment, especially regarding derivatives transparency and compliance requirements under the MIFIR.

The International Swaps and Derivatives Association (ISDA) has published a report examining how financial institutions are adopting its digital regulatory reporting (DRR) solution to meet regulatory compliance requirements. Based on interviews with industry stakeholders, the report highlights that institutions are achieving a 100% trade repository acknowledgement rate under the Monetary Authority of Singapore rules and a 98.2% rate under the European Securities and Markets Authority's European Market Infrastructure Regulation Refit. Additionally, these institutions are realising operational cost reductions of up to 50%.