Counterparty ManagerISDA Amend

ISDA Amend is a joint service provided by Markit and the International Swaps and Derivatives Association, Inc. With ISDA Amend, swap dealers and their customers can classify their trading entities as well as amend and share multiple ISDA master agreements using a single online tool. This helps customers ensure compliance with new requirements related to Dodd-Frank and EMIR. ISDA Amend is provided to buyside users on a no fee basis.

Statistics

  • 51k+legal entities
  • 7.5k+buyside subscribers
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Product Summary

The ISDA Amend tool, built on the Markit Counterparty Manager platform enables dealers and their clients to centrally manage Know Your Customer (KYC) and Anti-Money Laundering (AML) documentation requirements as well as track and control counterparty access at the fund and account level.

ISDA Amend supports compliance with various Dodd-Frank and EMIR rulemakings, including the ISDA August 2012 and March 2013 Dodd Frank Protocols, the ISDA Cross Border Representation Letter,the EMIR Counterparty Classification Tool and the EMIR Clearing Classification Tool.

    Key Benefits

    • Reduce your costs

      Simple to use, online platform to upload, update and disseminate the counterparty documentation. Enables you to streamline back-office document management processes and reduce associated costs.

    • Easy access to counterparties

      Join this established and rapidly growing online community for effective access to broker/dealer, institutional investor and other trade counterparties.

    • Quicker time to market

      Facilitates the fast and efficient exchange of thousands of bilateral agreements. Standardised, automated collection and delivery of ISDA amendments significantly reduces the time taken currently to amend ISDA Master Agreements and establish new trading relationships.

    Dodd-Frank Compliance

    ISDA Amend for Dodd-Frank Compliance in 3 steps

    • 1

      Sign up

      Click through to sign up from Counterparty Manager

      Upload KYC/AML documents

    • 2

      Onboard

      Complete ISDA protocol adherence letter and part II of protocol questionnaire

      Identify participating accounts

    • 3

      Match

      Make representations, accept protocol schedule

      Fulfill Dodd-Frank Compliance obligations

    Cross Border Representation

    • Cross-Border Representation – US/Non US Person

      On July 26th 2013, the CFTC published an “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations” providing guidance as to when the CFTC will assert jurisdiction over swap transactions that have a non-U.S. element. This allows market participants to provide counterparties with status representations needed to determine whether compliance with various CFTC swap regulations is required by the Interpretive Guidance.

    CFTC IM Segregation Right Notice

    • CFTC IM Segregation Right Notice

      In November 2013, the CFTC published Regulation 23.701, implementing requirements for swap dealers and major swap participants to notify counterparties of their right to require segregation of margin (other than variation margin) for uncleared swap transactions.

      The rule became effective on January 6, 2014. For market participants that became “new counterparties” of a swap dealer or major swap participant after that date (for example, by putting in place an ISDA Master Agreement to begin trading uncleared swaps), the relevant swap dealer or major swap participant must comply with the requirements by May 5, 2014. For market participants that were existing counterparties on or before January 6, 2014, the compliance date is November 3, 2014.

    EMIR Classification Tools

    ISDA Amend for EMIR compliance in 3 steps

    • 1

      Sign up

      Click through to sign up from Counterparty Manager

    • 2

      Onboard

      Identify participating accounts

    • 3

      Match

      Classify accounts

    EMIR Counterparty and Clearing Classification Tools

    • EMIR Counterparty and Clearing Classification Tools

      The EMIR Counterparty Classification Tool and the EMIR Clearing Classification Tool allows entities to communicate the classification status between counterparties to help ensure compliance with EMIR. By answering a series of questions, derivative counterparties can classify themselves according to the EMIR taxonomy for various purposes, including obligations on mitigation of risks associated with cleared and uncleared OTC derivatives.

    SRR Stay Regulation compliance

    ISDA Amend Jurisdictional Module for SRR Stay Regulation compliance in 3 steps

    • 1

      Sign up

      Click through to sign up from Counterparty Manager

      Upload KYC/AML documents

    • 2

      Onboard

      Complete elections and lists in each Jurisdictional Module

      Identify participating accounts

    • 3

      Match

      Submit elections and lists

      Make amendment to agreements covered by protocol

    Jurisdictional Modules

    • ISDA Jurisdictional Modular Resolution Stay Protocol (ISDA JMP)

      The ISDA Jurisdictional Modular Resolution Stay Protocol (ISDA JMP) enables parties to comply with new restrictions on termination rights in financial contracts. Each Jurisdictional Module of the ISDA JMP is aimed at facilitating compliance with regulations in a different jurisdiction. The ISDA Amend Tool in conjunction with the ISDA JMP allows you to make certain elections related to the UK (PRA Rule) Jurisdictional Module and to inform counterparties of relevant adherence information, such as the capacity in which you have adhered (as an entity subject to applicable regulations, as a counterparty to such entities or both), which counterparties you choose to amend your third-country law financial arrangements with and which underlying funds or principals you have adhered on behalf of.

    • UK (PRA Rule) Jurisdictional Module to the ISDA Jurisdictional Modular Resolution Stay Protocol

      This tool enables compliance with the Prudential Regulation Authority’s (UK PRA) final rule on contractual stays in financial contracts governed by third-country law (PRA 2015/82) (UK PRA Stay Rule). Entities subject to the UK PRA Stay Rule must amend “third-country law” financial arrangements with counterparties so that their counterparties agree to be bound by stays on termination rights under the UK Banking Act if such entities enter UK bank resolution proceedings.

    Additional ISDA Regulatory Tools

    • Canadian Representation Letter #1

      The Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des marchés financiers (AMF), respectively, published Rule 91-507 requiring “reporting counterparties” to report certain derivatives data to “designated” or “recognized” trade repositories with respect to transactions involving “local counterparties”. The OSC, MSC and AMF have also published companion policies. In these three jurisdictions, for trades involving a “clearing agency” or a Dealer, trade reporting begins on October 31, 2014 and, for trades that do not involve such entities, on June 30, 2015. The securities regulatory authorities in certain of the remaining provinces of Canada have indicated their intention to introduce substantially identical rules by way of a multi-lateral instrument. Canadian federally regulated financial institutions may become subject to similar federal or national rules, orders or directives.

      It is anticipated that other rules and instruments to be published and finalized by Canadian Regulators with respect to Derivatives will include a substantially equivalent definition of “local counterparty” to that in the TR Rules.

      This letter allows you to provide information needed to assess how Canadian Regulatory Requirements do or may apply to Transactions between counterparties.

    • Australian Single-Sided Reporting Letter

      ISDA Australian Single-Sided Reporting Letter allows certain market participants to take advantage of the Australian single-sided reporting regime for Phase 3 Entities. The letter allows market participants to provide counterparties with status representations that can be used to help determine whether single-sided reporting is applicable for those entities with total gross notional outstanding positions of less than A$5b (Phase 3 Entities), provided they engage in derivatives transactions with counterparties that are already required or agree to report.

      Australian Mandatory Clearing Classification Letter

      The ISDA Australian Clearing Classification Letter allows counterparties to bilaterally communicate their status by answering a series of questions and enable counterparties to notify each other of their status for clearing requirements under Australia’s mandatory central clearing regime for over-the-counter derivatives. ISDA prepared the appendices in order to help counterparties provide classification-status information to determine the application of certain requirements under the ASIC Derivative Transaction Rules (Clearing) 2015. The letter and the appendices may be used by a named entity to meet its requirements under Rule 3.1.2 of the ASIC clearing rules.

    Webcasts

    • Cross Border Representation Demo

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    • Cross Border Representation Demo

      Demonstration of how to complete the online questionnaire to complete to Cross Border Representation/US Person Representation.

    • ISDA Amend Protocol I Demo

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    • ISDA Amend Protocol I Demo

      Demonstration of how to complete the online questionnaire to adhere to ISDA Amend Protocol I.

    • ISDA Amend Protocol II Demo

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    • ISDA Amend Protocol II Demo

      Demonstration of how to complete the online questionnaire to adhere to ISDA Amend Protocol II.

    • EMIR Demo

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    • EMIR Demo

      Demonstration of how to complete the online questionnaire to adhere to EMIR.

    • Canadian Representation Letter

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    • Canadian Representation Letter

    • CFTC Initial Margin Segregation

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    • CFTC Initial Margin Segregation