Clifford Chance

2021 ISDA Interest Rate Derivatives Definitions: Major Upgrade for the Digital Age

6 July 2021

The 2021 ISDA Interest Rate Derivatives Definitions (the "2021 Definitions") were published on 11 June 2021 and, following a period to allow for market implementation, will be adopted as the market standard definitional book for interest rate derivatives on 4 October 2021.

The 2021 Definitions represent a major upgrade to the 2006 ISDA Definitions, reflecting a series of significant developments in market practice, regulation and technology which have occurred in the intervening 15 years. Substantive changes have been made to cash settlement provisions; reference bank polls; and the Calculation Agent provisions as well as to the presentation and layout of the floating rate options. The 2021 Definitions will also be available  only in electronic format as a single "main book" on the new MyLibrary digital platform.

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