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ISDA Launches Outreach Initiative on Proposed Notices Hub

Client Alert | 2 min read | 05.08.24

On April 25, 2024, ISDA launched an outreach initiative on its proposed Notices Hub which will be a new online platform that market participants can use to deliver termination notices.  The Notices Hub seeks to reduce delays in delivery of termination notices under the ISDA which can result in major losses both on short and longer term basis.

Termination notices under an ISDA must be delivered in accordance with certain prescribed methods using the address details in the relevant ISDA. If a company has moved and the ISDA has not been updated, the delivery of a termination notice may be delayed. Such delays could result in serious economic losses. There is also a risk that recipients may not be aware that a termination notice has been delivered and therefore may miss the chance to take action to remedy a default. To reduce such risks, ISDA intends to develop the ISDA Notices Hub and is seeking support from market participants before proceeding with development.

ISDA intends for the Notices Hub to act as a secure central platform for firms to deliver termination notices, with automatic alerts sent to the recipient. The Notices Hub will function at all times even when traditional delivery methods are not possible such as during pandemic lockdowns and hostile activities in the recipients jurisdiction. Initially it will be limited to termination notices but over time, ISDA proposes that the Notices Hub could provide additional functionality by issuing termination notices under non-ISDA master agreements and other notices under other ISDA documents.

ISDA is targeting a launch for the Notices Hub in Q1 2025 via S&P Global Market Intelligence’s Counterparty Manager platform.  However, whether or not ISDA proceeds with the Notices Hub will depend on the support it receives from dealers and buy-side institutions and legal opinions in the main 20 jurisdictions regarding the effectiveness of the notices platform.  Market participants are encouraged to indicate their support for the Notices Hub by email to noticeshub@isda.org no later than June 5, 2024.

Please do let us know if you have any questions in respect of the outreach initiative or the Notices Hub generally.

We want to thank Harrison Winter for his contribution to this alert.

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