In opening remarks at its Annual Legal Forum in London, the International Swaps and Derivatives Association (ISDA) outlined current initiatives to improve efficiency and standardization in derivatives documentation and related processes. The update focused on planned artificial intelligence enhancements to ISDA Create, development of an online ISDA Notices Hub for critical contractual notices, and an advanced review of the 1998 FX and Currency Option Definitions. ISDA Create, available through S&P Global Market Intelligence’s Counterparty Manager platform, is used by more than 500 buy- and sell-side entities to digitally generate, execute and capture data from documentation negotiations. Working with Linklaters, ISDA plans to introduce AI features including CiQ Extract, which would allow agreements negotiated offline to be re-uploaded and mapped back to the platform, and AI-generated summaries of negotiation comment chains for user review. For termination-related notices under the ISDA Master Agreement, the planned ISDA Notices Hub would support instantaneous delivery and receipt of notices globally and maintain a “golden source” of updated address details where physical delivery continues; buy-side use is intended to be free, alongside a free protocol to incorporate this delivery method as an acceptable option in existing agreements. On the FX definitions project, ISDA expects to complete drafting later in 2025, reflecting industry demand to consolidate existing supplemental publications and revisit disruption events, fallbacks and the treatment of unexpected holidays. Implementation is targeted for the end of 2027, in the context of an FX market that has expanded from average daily turnover of USD 1.5 trillion in 1998 to USD 7.5 trillion in 2022.

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