The International Swaps and Derivatives Association published the 2021 ISDA Interest Rate Derivatives Definitions and accompanying matrices (the “2021 Definitions”) via its online platform (“MyLibrary”) on 11 June 2021. The 2021 Definitions will, over time, replace the 2006 ISDA Definitions as the standard definitional book for cleared and non-cleared interest rate derivatives.

Linklaters has prepared materials to assist with an understanding of, and key considerations relating to, the 2021 Definitions. These provide principally a detailed guide (over 225 pages) which is user friendly as examples and concepts are brought to life diagrammatically. This is intended to be accessible both for people who are not already familiar with the 2006 Definitions and also for people who are familiar with the 2006 Definitions and so most focused on the key changes made in the 2021 Definitions. To sit alongside the Guide we have produced materials to guide clients in completing the Confirmations and to map between the 2006 ISDA Definitions or Supplement 70 (the IBOR Fallbacks Supplement) and the 2021 Definitions.

Access to the materials is available on a subscription basis, contact us below for more information on how to subscribe.