The International Swaps and Derivatives Association, Inc. (ISDA) today announced that netalytics, an online netting analysis tool for ISDA members, will be enhanced to cover ISDA clearing opinions.
netalytics (www.netalytics.org) is a joint venture between ISDA and aosphere LLP, an affiliate of Allen & Overy LLP, and provides comprehensive analysis on ISDA netting opinions across 63 jurisdictions in an easy-to-read, standard format.
ISDA began work on obtaining clearing opinions in 2013. The opinions relate to the ISDA/FOA Client Cleared OTC Derivatives Addendum when used in conjunction with an ISDA Master Agreement (and supplemented by one or more collateral arrangements in the form of the 1995 ISDA Credit Support Annex governed by English law, together with an adapted paragraph 11). Priority jurisdictions were identified by members, and ISDA has since commissioned a number of clearing member and client reliance opinions, looking at close-out netting and other issues from the perspective of the clearing member and client, respectively. These clearing opinions are available only to ISDA members.
These opinions will be included within the netalytics service. netalytics provides a standard color-coded report with answers to 14 key netting questions for each jurisdiction covered by an ISDA netting opinion. Features include a compare function, version control and source hyperlinks. Reports are quickly updated to reflect new or updated opinions published by ISDA.
