Since ISDA’s interest rate derivatives definitions were launched 15 years ago, over 70 supplements have come to make the booklet a trickier read. Now, 17 May will see the publication, and the first weekend of October the implementation, of a new consolidated version. Here is what to expect from it.

This four-page teaser brochure from the International Swaps And Derivatives Association (ISDA) gives an overview of the upcoming changes to the organization’s industry-standard definitional book for both cleared and non-cleared interest rate derivatives.

Updates will be made, to reflect changes in market practices. This will touch areas including cash settlement methodologies, floating rate options, some payment and calculation provisions, and calculation agent provisions.

This said, there is also a long list of areas that will be largely unchanged by the shift to the new edition. Among many other points, ISDA lists fallbacks for “IBORs”, risk-free rate (RFR) floating rate options, and compounding methods.