The International Swaps and Derivatives Association (“ISDA”) has published a very useful 2-page checklist of steps that should be taken in order to get ready for the March 1, 2017 Variation Margin deadline. In summary, ISDA has identified four steps:
- Determine which rules apply by using the ISDA Self-Disclosure Letter, a tool developed by ISDA expressly for this purpose;
- Determine documentation strategy, which could include the use of the ISDA 2016 Variation Margin Protocol;
- Implement documentation in preparation for March 1, 2017 deadline; and
- Implement necessary operational changes prior to the March 1, 2017 deadline.
In addition, ISDA recently announced that ISDA Amend, an on-line service developed by ISDA and IHS Markit, will be available for use with both the ISDA Self-Disclosure Letter and the 2016 Variation Margin Protocol. Essentially, ISDA Amend allows a market participant to exchange information electronically with any other market participant that uses this on-line tool. Additional information about ISDA Amend is available at www.isda.org.
The checklist is available here.
Good day. Good checking. DR2