2026 FX Definitions: A New Era for FX Derivatives Documentation

Linklaters is pleased to have acted as drafting counsel on the 2026 FX Definitions which were published on 3 March 2026, the most significant overhaul of FX derivatives documentation in almost 30 years.

Work to update and consolidate the 1998 FX and Currency Option Definitions has been underway since 2024, with a view to consolidating and updating those definitions and the multiple supplements and additional provisions that have been published since 1998.

In this note, we provide an overview of the changes to the architecture of the FX Definitions, information on the key substantive updates and next steps for market participants.