The International Swaps and Derivatives Association (ISDA) has launched a pre-adherence process for the ISDA Notices Hub, allowing firms to sign up to a free protocol that will let them use the new platform when it goes live on July 15. The protocol will amend ISDA Master Agreements between adhering firms to permit delivery and receipt of time-critical termination notices and waivers through the ISDA Notices Hub. Under the ISDA Master Agreement, termination notices must be delivered using prescribed methods, including physical delivery to the address specified in the agreement. ISDA positions the hub, a secure online platform managed by S&P Global Market Intelligence, as a way to reduce losses arising from delays or uncertainty in notice delivery, including issues where counterparties have moved without updating address details and operational disruption experienced during pandemic lockdowns. The platform will provide instantaneous delivery with time and date stamping, send automatic alerts to the receiving entity, allow multiple designated users to access the hub remotely, and enable market participants to update physical address details across agreements via a single entry. Adherence to the protocol is free; buy-side firms will be able to use the hub for free, while dealers are offered two years of discounted fees for early adoption. The pre-adherence window is open ahead of the July 15 launch, with ISDA also publishing a letter from its chief executive to market participants requesting adoption.

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