On Jun. 26, 2025, ISDA issued a reminder in an article by Chief Executive Officer Scott O'Malia, on launch on Jul. 15, 2025, of the ISDA Notices Hub, providing new platform.
Previous outreach showed a large number of institutions plan to adopt it, including two thirds of ISDA’s primary dealer membership category and 42 buy-side institutions, that range from various large investment managers to pension and insurance companies.
In advance of launch, ISDA announced start of pre-adherence process, enabling firms to sign up for protocol that will change all ISDA Master Agreements between adhering firms to allow them to use the ISDA Notices Hub to update physical address details.
As it stands, termination notices must be delivered in certain specific ways set out in ISDA Master Agreement including physical delivery, using company address details.
However, issues emerged during pandemic lockdowns when offices were closed, and made it difficult to deliver or such receive notices, as well as other issues identified.
The ISDA Notices Hub solves these problems by enabling firms to deliver such notices quickly and efficiently via a secure online platform, with automatic alerts being sent.
The ISDA Notices Hub means firms can respond with certainty and at speed, reducing risk and minimizing the potential for losses by sending termination notices instantly.
On Apr. 25, ISDA launched outreach initiative on Notices Hub Platform.
ISDA launched an outreach initiative to request feedback on a Notices Hub Platform.
Follows ISDA Apr. 2024 issue opening remarks by CEO, Scott O'Malia, see #208895.
Follows ISDA Jan. 2021 made Master Agreement digitally available, see #96201.
Proposed Notices Hub Platform
A major industry outreach initiative conducted by ISDA to establish support among dealers and buy-side firms for a new online platform that would allow efficient notices.
The Notices Hub Platform will allow instantaneous delivery and receipt of critical termination-related notices, reducing risk exposure and potential losses from a delay.
Just a small holdup in the delivery of a termination notice, such as from Friday afternoon to Monday morning, could result in an uncollateralized loss of $1 million.
Bigger portfolios and more volatile conditions may increase the risks significantly.
Under the ISDA Master Agreement, termination-related notices must be delivered by certain approved methods, using company address details listed in the agreement.
However, delays can occur for reasons including documentation, and physical location.
Issues with Delay in Processing Notices
ISDA set out the independent analysis of 255 terminated derivatives relationships following the insolvency of Lehman Brothers International (Europe) (LBIE) in 2008.
ISDA and LBIE administrators from PwC found that around 16% of termination notices had been delivered to LBIE’s old address, exclusively or as well as to the new address.
Actions to Request Industry Input
The proposed ISDA Notices Hub would act as a secure central platform for firms to deliver notices, with automatic alerts sent to the receiving entity, and create efficiency.
ISDA advise that multiple designated people at each firm would be able to access the hub from anywhere in the world, regardless of the situation at its physical location.
The Notices Hub platform would also allow market participants to update their physical address details through a single entry, providing a golden source of those details.
As part of its outreach initiative, ISDA seeks indications of support for the Notices Hub from dealers and buy-side institutions before proceeding with hub development.
To assist firms signal their intent to adopt in principle, ISDA has developed written platform specification along with a high-level survey of ISDA's e-contract counsels.
Survey found no impediment of using a hub to serve notice in at least 58 jurisdictions.
ISDA do not plan to go ahead unless there is significant support from the industry.
The ISDA Notices Hub would be free for buy-side users and available via S&P Global Market Intelligence's Counterparty Manager platform, target launch first quarter 2025.
Jul. 1, 2024 Notices Hub to Proceed
On Jul. 1, 2024, ISDA announced it will proceed with development of industry-wide notices hub, following strong support from buy- and sell-side institutions globally.
New platform will allow instantaneous delivery and receipt of critical termination-related notices and help ensure address details for physical delivery are up to date.
Will reduce risk of uncertainty and potential losses for notice senders and recipients.
ISDA will now work with S&P Global Market intelligence and Linklaters to build the platform, draft necessary documentation and commission legal opinions in priority jurisdictions to confirm the validity of delivering notices via a central hub.
ISDA Notices Hub will be free for buy-side users and available via S&P Global Market Intelligence’s Counterparty Manager platform, with implementation targeted for 2025.
Will act as a secure central platform for firms to deliver notices, with automatic alerts sent to the receiving entity, multiple people at each firm can access from anywhere.
Platform will also allow market participants to easily update physical address details.
May 2025 Notices Hub Animation
On May 14, 2025, ISDA published a video animation concerning the ISDA Notices Hub.
Notes that derivatives contracts sometimes need to be terminated early, requiring a termination notice to be delivered to the counterparty using the company address specified in original agreement, but complications can arise e.g if firm has moved.
Animation explains how the ISDA Notices Hub offers a better option by enabling the instant delivery and receipt of notices via secure and confidential online platform.
Jun. 2025 Pre-adherence Process
On Jun. 12, 2025, ISDA launched a pre-adherence process for the ISDA Notices Hub.
Firms to sign up to a free protocol that will allow them to use the new platform when it launches on Jul. 15, 2025; use of the ISDA Notices Hub will be free for buy-side firms.
In addition, dealers can have discounted fees for 2 years if they adopt early.
Jun. 26, 2025 Notices Hub Reminder
On Jun. 26, 2025, ISDA issued a reminder in an article by Chief Executive Officer Scott O'Malia, on launch on Jul. 15, 2025, of the ISDA Notices Hub, providing new platform.
Previous outreach showed a large number of institutions plan to adopt it, including two thirds of ISDA’s primary dealer membership category and 42 buy-side institutions, that range from various large investment managers to pension and insurance companies.
In advance of launch, ISDA announced start of pre-adherence process, enabling firms to sign up for protocol that will change all ISDA Master Agreements between adhering firms to allow them to use the ISDA Notices Hub to update physical address details.
As it stands, termination notices must be delivered in certain specific ways set out in ISDA Master Agreement including physical delivery, using company address details.
However, issues emerged during pandemic lockdowns when offices were closed, and made it difficult to deliver or such receive notices, as well as other issues identified.
The ISDA Notices Hub solves these problems by enabling firms to deliver such notices quickly and efficiently via a secure online platform, with automatic alerts being sent.
The ISDA Notices Hub means firms can respond with certainty and at speed, reducing risk and minimizing the potential for losses by sending termination notices instantly.
