Commodity Definitions Set For Year-End

ISDA expects to publish its commodity derivatives definitions by the end of the year.

  • 24 Sep 2004
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ISDA expects to publish its commodity derivatives definitions by the end of the year. The definitions have been expanded from the 1993 edition to include bullion, weather index derivatives and power trades, as well as a greater range of option types, including knock-in, knock-out and Bermuda options. Commodity market disruption events have also been adjusted in the new documents and provisions for the absence of a commodity reference price have been expanded.

It will also produce an annex to the commodity definitions, which will include provisions on weather index derivative trades and emissions allowance trading amongst other things. The annex also covers some physically-settled trades, such as European and North American gas transactions and bullion trades.

Richard Tredgett, partner at Allen & Overy, said the development of gas and power documentation would continue, with plans for regional annexes in coming months. Tredgett noted demand was being driven by institutions realizing the benefit of having fewer agreements to negotiate and being able to put physical and financial trading under one agreement.

  • 24 Sep 2004

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4 BNP Paribas 21,168.42 119 5.28%
5 Credit Agricole CIB 19,323.66 110 4.82%

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3 Morgan Stanley 11,895.38 66 6.86%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,107.46 58 6.40%