ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol - Open From July 28, 2017

The ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol is designed to assist market participants in amending the terms of certain trading confirmations to address the change for certain equity derivative transactions from a T+3 to a T+2 settlement cycle for securities for which the exchange is located in the United States, Canada, Mexico and Peru.  This transition to a two-day settlement cycle is scheduled to take place on September 5, 2017. 

The Protocol provides a mechanism for parties to amend the relevant documentation to move the relevant Payment Dates and/or Settlement Dates to be two Determination Days after a Valuation Reference Day (subject to any business day terms that may move the date further).

Please refer to the “Frequently Asked Questions” below for more information on the background and substance of the Protocol.

The Protocol is open to ISDA members and non-members. Parties will pay a one-time fee of $500 to ISDA to adhere to the Protocol. There is no cut-off date to this Protocol. ISDA does, however, reserve the right to designate a cut-off date by giving 30 days’ notice on this site.