Linklaters has advised the International Swaps and Derivatives Association, Inc. (ISDA) on its publication of the 2021 ISDA Interest Rate Derivatives Definitions (the 2021 Definitions). The 2021 Definitions will replace the 2006 ISDA Definitions as the standard definitional book for cleared and non-cleared interest rate derivatives.
The 2021 Definitions reflect changes to market practice and the regulatory landscape, including benchmark reform, since the publication of the 2006 ISDA Definitions 15 years ago. They will represent the new gold standard terms for the global interest rate derivatives market.
In a first for ISDA, the 2021 Definitions is natively digital and so have been published on ISDA’s new online user interface called MyLibrary. MyLibrary was designed and developed by Linklaters> Nakhoda and Kinetix Trading Solutions. This form of publication allows ISDA to restate the 2021 Definitions in full each time they are updated, avoiding the need for parties to manually assemble the definitional booklet plus various supplements in order to determine the terms of each trade. It also enables enhanced navigation using hyperlinks and a quick and easy way to compare different versions of the definitions as they evolve.
