ISDA

The results of the case for #collateral #tokenization survey have been published. Developed by ISDA, International Securities Lending Association (ISLA), ISSA - Intl Securities Services Association, Nasdaq and The ValueExchange, the report brings statistical clarity to how firms across the globe are preparing for tokenized collateral and where the biggest benefits, risks and operational changes lie. Click here to read the report: https://lnkd.in/evKZ8BY8

ISDA has published a new report that examines key findings from the 2025 Bank for International Settlements – BIS triennial survey. The report shows that global interest rate derivatives (IRD) average daily turnover rose by nearly 60% to $7.9 trillion in April 2025 from $5.0 trillion in April 2022. The increase was driven by strong growth in euro-denominated IRD trading, which surpassed US-dollar-denominated instruments to account for the largest share of global turnover. The UK strengthened its position as the leading global center for IRD trading, while EU-based sales desks recorded a marked increase as more euro-denominated transactions migrated to continental Europe. US-based turnover also grew but at a slower pace, resulting in a smaller global share in April 2025 than in April 2022. Hear from ISDA’s head of research, Olga Roman, CFA Roman, on the key findings from the report. Click here to read the full report: https://lnkd.in/eCS88JBB

📣 Registration is open for ISDA's Trading Book Capital conference in New York on February 5th. Register today to secure your complimentary seat! Details here: https://lnkd.in/e3CXuxtq This event will bring together policymakers, regulators, and industry leaders to examine the key developments and challenges in the trading book capital framework, with a focus on timelines, remaining obstacles, and areas of future regulatory focus. The program will also address the latest developments in counterparty credit risk and the evolution of internal models within the US capital framework, highlighting the potential impact on bank strategies and supervisory expectations. Join us for an in-depth discussion on how institutions can navigate a shifting regulatory landscape, balance resilience with competitiveness, and prepare for the next phase of capital regulation.

ISDA’s Derivatives Trading Forum in Hong Kong yesterday explored key issues affecting derivatives markets in Hong Kong, mainland China and elsewhere in Asia Pacific. In particular, panelists looked at Hong Kong’s role as a key entry point to mainland China for international investors, a position that has been strengthened with the ongoing development of the Hong Kong Exchanges and Clearing Limited (HKEX) Swap Connect platform, which enables offshore investors to trade and clear onshore RMB interest rate swaps. Speakers also highlighted the role tokenization could play in improving collateral management, cross-border payments and FX settlement. By enabling near-instantaneous settlement of collateral transfers, tokenization could help reduce bottlenecks and inefficiencies caused by current manual processes, speakers said. Other topics included an overview of Hong Kong’s amended regulatory reporting framework and the role ISDA’s Digital Regulatory Reporting initiative could play in improving the efficiency and accuracy of reporting and the impact of new counterparty credit risk management guidelines. In a fireside chat at the event, ISDA chair Amy Hong, head of strategy, investments and partnerships for global banking and markets at Goldman Sachs, highlighted the importance of modernizing derivatives markets. “On the one hand, that means using technologies like AI, tokenization and digital assets to bring greater automation and efficiency to derivatives markets. Another aspect of this is making sure the regulations are fit for purpose. At a time when markets are evolving quickly because of technological change, the regulatory framework needs to be streamlined and coordinated to keep up,” she said. Many thanks to keynote speakers Howard Lee, deputy chief executive of the Hong Kong Monetary Authority (HKMA), and Rico Leung, executive director, supervision of markets at the Securities and Futures Commission (SFC). Thanks to all our speakers: HKEX's Greg Yu, Kevin Fan and Andy Ni, Andrew Ng from DBS Bank, George Sun from HSBC, Chong Liew from King & Wood Mallesons, Joyce Lai from DBS Bank, Cheuk Wong from HSBC, Chengdong Zhang from Bank of China (Hong Kong), Sky So from EY, Jack Yang from HSBC, George Chou from the HKMA, Keith Desouza from DBS Bank, Terry Yang from Clifford Chance, Aaron Chen from The Depository Trust & Clearing Corporation (DTCC), Mark Hustwayte from Bank of America, Lemuel Reyes from HSBC, and ISDA’s Nick Sawyer, Steven Kennedy, Benoit Gourisse, Mark Gheerbrant, Jing Gu and Tara Kruse. Thank you to HKEX for partnering with us and for hosting the event. Thanks also to OSTTRA for sponsoring.

ISDA was privileged to participate in a symbolic gong strike at Hong Kong Exchanges and Clearing Limited (HKEX) yesterday as part of its 40th anniversary celebrations. Thanks to ISDA chair Amy Hong, head of strategy, investments and partnerships for global banking and markets at Goldman Sachs, and ISDA board member Andrew Ng, group executive and group head of global financial markets at DBS Bank, for striking the gong. Thanks also to witnesses Howard Lee, deputy chief executive at the Hong Kong Monetary Authority (HKMA), Rico Leung, executive director, supervision of markets at the Securities and Futures Commission (SFC), Greg Yu, managing director and head of markets at HKEX, Kevin Fan, managing director, head of fixed income and currency product development, markets, at HKEX, Andy Ni, managing director, head of OTC platform development, markets, at HKEX, and ISDA’s Steven Kennedy, Tara Kruse, Mark Gheerbrant, Nick Sawyer, Jing Gu and Benoit Gourisse. ISDA is very grateful to HKEX for hosting and organizing the gong strike. 

ISDA has published a new report that analyzes interest rate #derivatives (IRD) activity in mainland China and Hong Kong, with a focus on renminbi (RMB)-denominated IRD.   Mainland China’s RMB IRD market has expanded significantly since 2022, supported by key structural reforms and improved cross-border access. Semiannual traded notional reported by the China Foreign Exchange Trade System rose by 122.3% to $2.9 trillion in the first half of 2025 from $1.3 trillion in the first half of 2022, driven by implementation of the Futures and Derivatives Law and the introduction of Swap Connect.   In Hong Kong, the @Bank for International Settlements triennial survey reported a 66.7% increase in average daily RMB-denominated IRD turnover to $24.5 billion in April 2025 from $14.7 billion in April 2022.   Click here to read the report: https://lnkd.in/g9NRWz_p

ISDA was delighted to hold its conference in Toronto yesterday, with valuable discussions on a range of topics, including #collateral and #liquidity management, credit #derivatives markets, #data reporting rules and ISDA #documentation initiatives. Thank you to Osler, Hoskin & Harcourt LLP for sponsoring and hosting the event, and to all of our speakers and delegates. Earlier this year, TD Securities completed its integration of the ISDA Create contract negotiation platform across its global suite of client trading and regulatory agreements, enabling the bank to digitally transform the negotiation process and deliver faster and more seamless outcomes across global markets. Pictured at yesterday’s event is Katherine Tew Darras, ISDA’s general counsel, with Debbie Ramkerrysingh, managing director and head of global markets documentation at TD Securities, and Nataliya Dardan, managing director and head of regulatory documentation at TD Securities. Also featured following their panel on ISDA documentation initiatives and solutions are ISDA's Heather Smith, Doug Donahue at Linklaters, Ilene Froom at Faegre Drinker and Dave Stubbins at S&P Global.

Great discussion this week at the ISDA/The Depository Trust & Clearing Corporation (DTCC) Driving Digital Transformation event in Singapore. The event featured sessions on the Common Domain Model and its use cases, including the ISDA Digital Regulatory Reporting initiative, and a fireside discussion between ISDA CEO Scott O'Malia and Brian Steele at The Depository Trust & Clearing Corporation (DTCC) on how the current wave of innovation in financial technology is shaping the future of global markets.

New dates announced for ISDA's Accounting Masterclasses in New York and LondonI Early registration is open - Register today to lock in the best price. Details here: https://lnkd.in/eEXmnDR

Registration is now open for ISDA's 40th AGM in Boston on April 28-30! Register before December 31st to take advantage of special 2025 only Promo pricing. Details here: https://lnkd.in/ed69FvAy #isdaagm