The International Swaps and Derivatives Association (ISDA) has added its flagship foreign exchange definitions and related annexes, supplements and templates to the ISDA MyLibrary electronic documentation platform. The move streamlines access to these documents for regulated firms, creating significant operational efficiencies, and represents a key step toward automation.
The new additions include ISDA’s 1998 FX and Currency Option Definitions and 15 other related documents. They join the 2021 ISDA Interest Rate Derivatives Definitions, the 2002 ISDA Master Agreement, and the 2022 ISDA Securities Financing Transactions Definitions and SFT Schedule Provisions, which are already on the platform.
According to ISDA CEO Scott O’Malia, the new additions “mark another important step in the effort to digitize our new and legacy documents, making it much more efficient for firms to use them. The platform allows users to easily navigate the documents, compare different versions with marked-up changes, and search for key terms without having to trawl through pages and pages of paper. Digitizing our documentation is a big priority for ISDA as we look to create efficiencies and cut costs for our members.”
Features of ISDA’s MyLibrary platform include:
- Comparison Tools: The electronic format allows ISDA to revise and update its new documents in full each time an amendment is required, avoiding the need to publish separate supplements. Users can easily view the prevailing version of the document as of any date and can compare different versions in blackline as they are published.
- Navigation and Search: Firms can navigate through the documents via index links and can perform complex searches based on words, phrases or categories across all documents on the platform. Embedded links within the text allow users to view definitions of terms via pop-up boxes, while links to external resources provide access to useful materials, including video explainers.
Bookmarks: Users can bookmark documents and topics, and the list of bookmarks will be preserved for each user. Firms can also save collections of documents, parts of documents or different versions of the same document for future reference.