What is DF Protocol?
The ISDA August 2012 Dodd-Frank Protocol (“DF Protocol 1”) addresses certain requirements of the CFTC External Business Conduct Standards, among others, and applies to US-person (as defined by the CFTC) counterparties to transactions in swaps, foreign exchange swaps or foreign exchange forwards with Deutsche Bank AG (“ …
What are the ISDA protocols?
An ISDA protocol is a multilateral contractual amendment mechanism that allows for various standardized amendments to be deemed to be made to the relevant Protocol Covered Agreements between any two adhering parties.
What is Dodd-Frank Protocol 2?
The DF Protocol 2.0 allows market participants to (i) supplement the terms of existing ISDA Master Agreements or (ii) enter into an agreement to apply select Dodd-Frank compliance provisions to their swap trading relationship, including, among other things, terms governing payment obligations or an agreement by the …
What is ISDA March 2013 DF Protocol?
The ISDA March 2013 D-F Protocol (the “DF Protocol 2.0”) is part of ISDA’s Dodd-Frank Documentation Initiative aimed at assisting the industry in implementing and complying with the regulatory requirements imposed under Title VII of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
What is Dodd-Frank Schedule 4?
Schedule 4 includes agreements regarding portfolio reconciliation procedures between counterparties. Under the CFTC rules promulgated under the Dodd-Frank Act, swap dealers and major swap participants are required to reconcile their portfolios and address any discrepancies.
Why ISDA is required?
The ISDA Master Agreement is an internationally agreed document published by the International Swaps and Derivatives Association, Inc. (“ISDA”) which is used to provide certain legal and credit protection for parties who enter into over-the-counter or “OTC” derivatives transactions.
What is Dodd-Frank Schedule 3?
Schedule 3 is mandatory for swap dealers, major swap participants and financial entities and Schedule 4 is mandatory for “CFTC Swap Entities,” which is defined as registered swap dealers, major swap participants and persons that in good faith expect to shortly register as such.
How much capital do you need for an ISDA?
To trade swaps and other OTC contracts with Citigroup, an individual must have a net worth of at least $25 million, $5 million or more of which must be deposited in an account with the bank, according to people familiar with the matter. Goldman Sachs and JPMorgan Chase & Co.