The International Swaps and Derivatives Association plans to draft a set of definitions for derivatives on hedge funds and mutual funds. Tim Hailes, assistant general counsel at JPMorgan in London and co-chair of the working group looking at the template, said it will start the project in the fourth quarter.
Louise Marshall, spokeswoman in New York, said ISDA has been sent fourth other templates besides the JPMorgan one. Davis Polk & Wardwell will draft the document.
ISDA started looking at the project after its annual general meeting at which a panel of hedge fund professionals showed interest in such a document. Later that month JPMorgan presented its template to the association to form the basis of discussion.
