The International Swaps and Derivatives Association (ISDA) published opening remarks from its Annual Legal Forum outlining initiatives to modernize derivatives documentation and close-out processes, including the rollout of the ISDA Notices Hub, new artificial intelligence functionality in ISDA Create, work to consolidate FX definitions and governance changes for the Credit Derivatives Determinations Committees (DCs). The ISDA Notices Hub, launched in July 2025, is a secure online tool for the delivery and receipt of termination notices and waivers, and for centrally updating address details for physical delivery. The service is hosted on the S&P Global Market Intelligence Counterparty Manager platform, is free for buy-side firms and offers dealers a discounted rate for the first two years; more than 140 buy- and sell-side entities have adhered to the ISDA 2025 Notices Hub Protocol to enable notice delivery via the platform. ISDA also reported progress on digitizing documentation through ISDA Create, including an AI feature developed with Linklaters that allows agreements negotiated offline to be re-uploaded and mapped back into the platform. On product documentation, ISDA expects to complete substantive drafting in December 2025 for an update of the 1998 FX and Currency Option Definitions, with a two-year market implementation period ahead of a planned rollout at the end of 2027; updates cited include changes to disruption events for deliverable transactions and alignment on the calculation agent standard. For credit derivatives, the DCs voted earlier in 2025 to establish a governance committee under an ISDA-published charter to oversee DC operations and rule changes without involvement in individual outcomes, with any proposed rule change subject to at least a 30-day market consultation before a governance committee vote; the committee first met in September 2025 and is initially focused on appointing a DC administrator.

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