ISDA Completes EM Documentation Takeover

ISDA says it has completed the takeover of FX documentation for emerging markets from the Emerging Markets Traders Association (EMTA) and now hosts the Template Terms published by EMTA.

At the end of 2024, ISDA agreed to expand its role in the work, with EMTA staff ensuring a smooth transition and maintenance of historical knowledge. ISDA will undertake primary responsibility for Annex A to the FX Definitions and future NDF and NDO templates, as well as related market practice notes, guidance and amendment agreements. Existing EMTA FX documentation is now included in ISDA’s online library.  

As part of the changeover ISDA will run legal and non-legal working groups for members representing emerging markets, including several new regional FX groups and sub-committees of existing ISDA groups such as its FX Legal Steering Committee. In addition, ISDA and EMTA expect to form a joint committee of senior FX traders in non-G10 currencies to provide input on issues affecting FX in emerging markets.