The ISDA stay protocol brings more market movement than the name suggests

On 11 October 2014, the International Derivatives and Swaps Association Inc. (‘ISDA’), the international trading body for derivatives and provider of the leading derivatives documentation material (‘ISDA Master Agreement’ or ‘ISDA MA’), announced that a new protocol for the recognition of foreign resolution measures (the ‘Protocol’) is anticipated to come into effect in January 2015.