A new framework for handling disruption events is at the core of work being carried out by the International Swaps and Derivatives Association to update its foreign exchange and currency option definitions, which is expected to be finalised this year.
Much of the focus on drafting the new definitions, which have not been updated since their inception in 1998, concerns updating the classification of disruption events and fallbacks for deliverable FX transactions, such as spot, FX forwards and
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