Linklaters advises ISDA on its 2021 Interest Rate Derivatives Definitions and co-develops its new ‘MyLibrary’ interface

Linklaters has advised the International Swaps and Derivatives Association, Inc. (ISDA) on its publication of the 2021 ISDA Interest Rate Derivatives Definitions (the 2021 Definitions). The 2021 Definitions will replace the 2006 ISDA Definitions as the standard definitional book for cleared and non-cleared interest rate derivatives.

The 2021 Definitions reflect changes to market practice and the regulatory landscape, including benchmark reform, since the publication of the 2006 ISDA Definitions 15 years ago. They will represent the new gold standard terms for the global interest rate derivatives market.

In a first for ISDA, the 2021 Definitions is natively digital and so have been published on ISDA’s new online user interface called MyLibrary. MyLibrary was designed and developed by Linklaters> Nakhoda and Kinetix Trading Solutions. This form of publication allows ISDA to restate the 2021 Definitions in full each time they are updated, avoiding the need for parties to manually assemble the definitional booklet plus various supplements in order to determine the terms of each trade. It also enables enhanced navigation using hyperlinks and a quick and easy way to compare different versions of the definitions as they evolve. 

Deepak Sitlani, Derivatives partner at Linklaters, says:

“The 2021 Definitions represents a significant update to the document underpinning the OTC interest rate derivatives market. We’re delighted to have worked with ISDA, its members and regulators to bring these important updates the market in a newly accessible way”.
“It was fantastic to collaborate with ISDA and Kinetix on MyLibrary, which is a great example of how technology can make documents work harder and intuitively for users. MyLibrary enables users to surface pertinent terms, compare different document versions and access educational materials, all with a few clicks, whether from a desktop or mobile device.” 

The 2021 Definitions was developed by an ISDA working group that includes dealers, asset managers, institutional investors, funds and end users.

For more information on interest rate reform see further information on