New Isda protocol may not fix business conduct bottleneck

Dealers hope to comply with new business conduct rules by amending thousands of Isda master agreements – but a standardised protocol published last month is expected to leave some clients cold


A new, standardised document that aims to speed up amendments required to thousands of derivatives contracts has received a cautious welcome from buy-side firms, but lawyers expect the protocol – published by the International Swaps and Derivatives Association last month – to leave some clients unhappy. The protocol could mean dealers have to negotiate bilaterally with these customers, threatening the industry's ability to get the work done in time.

From January 1 next year, the Commodity

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