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ISDA wishes to better understand if and how the 1998 FX and Currency Option Definitions and related documentation such as Annex A, supplements, additional provisions, forms of confirmations and template terms (together, the “FX Definitions”) might be improved and updated, taking into account developments and events in the FX market (e.g., currencies becoming non-deliverable) and the general evolution of foreign exchange trading since 1998.
ISDA’s Market Participant Survey includes questions regarding:
- The current landscape of market stakeholders
- Possible areas for change and improvement
- The potential effects on market participants and infrastructures of undertaking changes
- Suggestions on the best way to implement any agreed changes.
If ISDA does move forward with updates and improvements to the FX Definitions, additional market outreach and coordination will be required. We expect to provide more information regarding survey responses and, if applicable, a strategy for next steps during the second half of 2023. ISDA plans to share an aggregated and anonymized summary of survey responses publicly but will not share names of respondents or individual responses outside of ISDA and EMTA staff.
We have provided a paper version of this survey on this page below for use in developing your firm’s responses but would greatly appreciate if you would consolidate, or at a minimum coordinate, your firm’s submission via the online survey response page here.
ISDA will accept responses to the survey until May 19, 2023.
ISDA will host webinars to discuss ISDA’s ongoing FX Market diligence work, provide an overview of the survey, demonstrate ISDA’s MyLibrary online documentation platform, and answer any questions you may have about the survey.
These will be held via Zoom on Monday April 24, 2023 at 10 am New York/3 pm London/10 pm Hong Kong (Register here) and Tuesday April 25, 2023 at 8 am London/3 pm Hong Kong (register here)
