International Swaps and Derivatives Association and EMTA publish 2026 FX Definitions to replace 1998 market standard from November 2027

The International Swaps and Derivatives Association (ISDA) and EMTA, Inc. have jointly published the 2026 FX Definitions, a revised set of standard definitions for foreign exchange derivatives that updates key market practices and consolidates FX and FX-related templates and provisions into a single integrated document. The 2026 FX Definitions will be implemented on November 22, 2027 and will replace the 1998 FX and Currency Option Definitions as the market standard for FX derivatives transactions. The update revises disruption events and fallbacks for deliverable transactions, incorporates EMTA template terms and market practices for non-deliverable FX transactions, adds provisions for calendar adjustment events, and aligns calculation agent standards with those in the 2021 ISDA Interest Rate Derivatives Definitions. It also consolidates supplements and other provisions published by ISDA and EMTA since 1998 and is intended to eliminate the need for separate master confirmation agreements. The definitions are available in digital form on the ISDA MyLibrary platform, and ISDA expects to publish a revised version in full whenever future updates are required. From the November 2027 implementation date, Swift is no longer expected to support the 1998 definitions. ISDA has published an implementation roadmap and a fact sheet on key changes, with additional educational materials to follow in the coming months. Further information is available via the FX Definitions Update InfoHub, and ISDA members can join the ISDA FX Operations Group and the ISDA FX Definitions Update Group to track implementation developments.