Ergänzung des ISDA-Rahmenvertrages um ein Protokoll zur Vermeidung möglicher Destabilisierungen des Finanzsystems

The ISDA Master Agreement is the global standard for over-the-counter derivatives. Notably, it provides for an early termination which may be triggered when resolution authorities take actions for the purpose of stabilizing or restructuring a failing institution. The early termination of such agreements could compromise or prevent a successful and orderly resolution of the failing institution. In the case of a bank that is considered too big to fail (TBTF), it could lead to severe market disruptions. To mitigate such a systemic risk, Switzerland and many further jurisdictions have implemented statutory provisions in their national laws that allow for a temporary stay of such termination rights. However, the international enforceability of these stays was uncertain since most national statutory frameworks do not yet ensure a recognition of cross-border resolution actions. On 12 November 2014, 18 global systemically important banks (G-SIBs) adopted a new protocol to the ISDA Master…