The International Swaps and Derivatives Association (ISDA) has published a paper on derivatives, margining and risk in the development of economies and financial markets in emerging jurisdictions. The paper elaborates on what margining is, how it works and the key issues for policymakers in emerging markets and developing economies to consider when transposing margin-related regulation to their jurisdictions, with a particular focus on non-cleared derivatives.

The International Swaps and Derivatives Association (ISDA) has released a representation letter and supplement to assist market participants in complying with the business conduct rule (BCR). ISDA also published a foreign dealer notice to assist foreign derivatives dealers in notifying Canadian counterparties of the required information. The final rule was adopted by several provinces in Canada to establish a regime for the regulation of business conduct of dealers and advisors operating in the over-the-counter derivatives markets. The rule takes effect on 28 September 2024.

The International Swaps and Derivatives Association (ISDA) has published a research note examining five years of global credit default swap (CDS) market activity from 2021–25, reporting that activity reached a record USD 41.8 trillion in 2025, surpassing the previous peak of USD 38.7 trillion in 2022. Index CDS drove the increase, accounting for 93.3% of total activity at USD 39.0 trillion, while single-name CDS activity stood at USD 2.8 trillion. The index-to-single-name ratio fell sharply to 8.5x in 2023 amid banking sector stress before recovering to 13.8x in 2025. Single-name CDS peaked at USD 3.3 trillion in 2023 following the failures of Silicon Valley Bank and other lenders. Index and single-name CDS responded differently to market events. During the 2020 coronavirus (COVID-19) pandemic and the 2025 US tariff shock, index CDS rose more sharply than single-name activity. CDX.NA.IG and iTraxx Europe together accounted for approximately 75% of index CDS activity in 2025, at 43.4% and 32.4% respectively. Market breadth remained stable, with 710–760 unique reference entities executed each quarter. Central clearing covered 78.1% of index CDS notional and 63.1% of single-name CDS notional in 2025. In H1 of 2026, total CDS trading reached USD 27.4 trillion, up 27.8% year-on-year, with index CDS rising 28.3% to USD 25.7 trillion and single-name CDS growing 19.8% to USD 1.7 trillion.

The International Swaps and Derivatives Association (ISDA) has published a paper examining how pension funds use derivative instruments. The paper highlights that pension funds are significant participants in global financial markets, collectively managing more than US$58 trn in assets worldwide. ISDA notes that managing portfolios of this scale presents challenges, particularly in balancing long-term investment objectives with associated risks, including the need to align assets and liabilities within strict fiduciary and regulatory frameworks.  It also explores the global regulatory landscape governing derivatives use and outlines ISDA’s role in assisting pension funds as they navigate these markets.

The International Swaps and Derivatives Association (ISDA) has published new research demonstrating significant growth in interest rate derivatives (IRD) trading volumes across key markets from 2021–2024. In the US, traded notional volumes escalated dramatically from US$230.2trn in 2021 to US$366.3trn in 2024. Meanwhile, in the EU, volumes increased from US$45.7trn in 2022 to US$76.1trn in 2024, and in the UK, they rose from US$121.3trn to US$171.9trn over the same period. The research also revealed a notable shift towards overnight index swaps (OIS), with €STR-linked transactions accounting for 86% of the EU’s OIS activity in 2024.

The International Swaps and Derivatives Association (ISDA) has published its response to the Bank of England’s (BoE) consultation on extending Real-Time Gross Settlement (RTGS) and Clearing House Automated Payment System (CHAPS) settlement hours, supporting longer settlement hours but calling for extended weekday settlement to be prioritised over weekend settlement. ISDA says extending settlement beyond the current 6 am to 6 pm window would allow clearing members to meet later margin calls in sterling, reducing reliance on US dollars and the need to hold precautionary liquidity at central counterparties (CCPs). It also says longer settlement hours could support tokenised assets and synchronised settlement, as well as help firms meet shorter securities settlement deadlines, although these benefits would depend on alignment across other currencies, financial market infrastructures, funding markets and service providers. ISDA says weekend settlement may be required if extended or 24/7 trading becomes more widespread, but firms and CCPs would need to adapt their liquidity, operational and risk management arrangements. ISDA also highlights potential implications for CCP default management, business-day definitions, payment value dates and the Sterling Overnight Index Average.

The International Swaps and Derivatives Association (ISDA) has responded to the Bank of England’s (BoE) consultation on its approach to using requirements and permissions powers to facilitate mobilisation of new central counterparties (CCPs). ISDA supports the proposed framework to facilitate mobilisation of new CCPs and promote innovation, including the use of tokenised collateral, but recommends extending the regime to existing CCPs to support a level playing field and the Bank’s innovation objective. ISDA also calls for clearer safeguards, including transparent and risk-based de minimis limits, strong disclosure to clearing members, strict constraints on rule waivers and modifications, and a requirement for firms seeking regulatory relief during mobilisation to demonstrate a credible plan to meet the full unmodified rule set by the end of the mobilisation period. It further seeks clarity on the interaction between the mobilisation regime and the Digital Securities Sandbox and suggests the BoE publish an assessment of the effectiveness of its final approach in supporting innovation.

The International Swaps and Derivatives Association (ISDA) has responded to the European Commission’s consultation on due diligence guidelines under the Corporate Sustainability Due Diligence Directive (CSDDD), arguing that model contractual clauses should support collaboration on effective due diligence rather than impose CSDDD obligations on firms which fall outside the scope. ISDA says model clauses should remain voluntary and provide flexible drafting options rather than a one-size-fits-all compliance blueprint, given the wide variation in business relationships. It warns that overly prescriptive or duplicative obligations could create practical and legal challenges, including closing off access to certain suppliers for in-scope companies.

The International Swaps and Derivatives Association (ISDA) has published technical comments on the European Commission’s proposed Settlement Finality Regulation (SFR) and on proposed changes to the Financial Collateral Directive (FCD) intended to facilitate the implementation of distributed ledger technology. ISDA welcomes the Commission’s proposal to replace the Settlement Finality Directive with the SFR and to amend the FCD, noting that targeted changes to the existing regimes would remove key barriers to their effective operation, but argues that third-country systems remain inadequately addressed. ISDA highlights the lack of harmonised insolvency protections for registered third-country systems as a major weakness, raising concern that the scope of insolvency protections under the proposed framework is unduly restricted. ISDA calls for a regime that ensures equal treatment with designated EU systems, greater flexibility and clearer provisions on matters including registration conditions, conflict of laws and the use of stablecoins.

The International Swaps and Derivatives Association (ISDA) has submitted its response to the Financial Accounting Standards Board's (FASB) consultation concerning environmental credits and environmental credit obligations. While supporting FASB's proposals to establish consistent accounting guidance for environmental credits, ISDA has requested additional clarification in areas including: recognition, derecognition, impairment and hedge accounting impacts. ISDA's response aims to contribute towards the development of standardised accounting treatment for environmental credits.

The International Swaps and Derivatives Association (ISDA) has published its response to the International Financial Services Centres Authority (IFSCA) regarding its draft guidelines on over-the-counter (OTC) derivatives reporting and clearing. ISDA recommends allowing flexibility in central clearing requirements rather than mandatory clearing for all OTC derivatives, suggests modifications to trade reporting obligations, and proposes changes to one-to-one hedging requirements. ISDA also calls for clarity on the definition of 'booked in IFSC' and advocates for alignment with global regulatory standards for non-centrally cleared derivatives margin requirements.

The International Swaps and Derivatives Association (ISDA) has published the outcomes of a market-wide consultation regarding suggested amendments to the structure and governance of the Credit Derivatives Determinations Committees (DCs). The consultation revealed broad support for key changes, including the establishment of a separate governance body, enhanced transparency measures, and the appointment of independent DC members. However, some proposals faced significant minority objections. ISDA plans to collaborate with industry participants and policymakers over the next year to develop practical implementation strategies for these reforms.