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ARTICLE · 21 SEPTEMBER 2018

ISDA Publishes 2018 U.S. Resolution Stay Protocol: Considerations For The Buy Side

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ISDA recently published the ISDA 2018 U.S. Resolution Stay Protocol, which is now open for adherence.

United StatesFinance and Banking
Leigh R. Fraser
Leigh R. Fraser
Molly Moore
Molly Moore
Lindsey K. Jones
Lindsey K. Jones
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ISDA recently published the ISDA 2018 U.S. Resolution Stay Protocol (the "Protocol"), which is now open for adherence. This Client Alert provides further information about the Protocol and considerations for buy-side entities in respect of the Protocol and the applicable rules to which the Protocol relates.

Rules Underlying the Protocol

U.S. federal banking regulators have adopted rules that represent a significant shift in the terms of "qualified financial contracts" (such as derivatives, repurchase and reverse repurchase transactions and securities lending transactions). These rules will require buy-side firms to relinquish certain termination rights that have long been part of bankruptcy "safe harbors" for these types of contracts under bankruptcy and insolvency regimes in order to continue trading with large financial institutions. The rules will apply to derivatives transactions, repurchase and reverse repurchase transactions and securities lending

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