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ARTICLE · 29 SEPTEMBER 2008

ISDA Annex For Derivatives On Exchange Traded Funds

Borden Ladner Gervais LLP
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In May 2008, the International Swaps and Derivatives Association, Inc. (ISDA) formed a working group to produce standard provisions for equity derivative transactions referencing exchange traded funds (ETFs).

CanadaFinance and Banking
BLG'S Investment Management Group
BLG'S Investment Management Group
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In May 2008, the International Swaps and Derivatives Association, Inc. (ISDA) formed a working group to produce standard provisions for equity derivative transactions referencing exchange traded funds (ETFs). This working group is made up of ISDA staff members, lawyers and derivative experts from dealers, banks and ETF manufacturers. Carol Derk, a senior partner of BLG in the Investment Management Group, is the only Canadian member of the working group.

It is expected that the annex produced by the working group will be global in nature and will apply to any derivative where the underlying interest is an ETF, irrespective of where that ETF is listed. However, as actively-managed ETFs have been introduced into the marketplace relatively recently, it was decided that this project would not try to include provisions that might be necessary to deal with actively-managed ETFs.

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