FX disruption template paused due to Isda definition clash

GFMA’s close-out framework put on hold as Isda reviews 1998 FX derivatives rule book

Risk.net montage

The Global Financial Markets Association has been forced to pause its work on developing a multilateral close-out agreement (MCOA) framework for foreign exchange contracts, as it awaits a potential update in the definition of a disruption event.

The GFMA’s FX division (GFXD) had been working with law firm Linklaters to draft a currency-agnostic agreement that could be used to resolve deliverable FX trades such as spot, forwards and swaps when bilateral close-out efforts become chaotic.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here