28 Years Later: ISDA and EMTA Publish the 2026 FX Definitions

ISDA and EMTA have published the 2026 FX Definitions, 28 years after the publication of the currently applicable 1998 FX and Currency Option Definitions. The implementation date for the new definitions is November 22, 2027, after which Swift is no longer expected to support the 1998 FX Definitions. Market participants are encouraged to begin transitioning to the 2026 FX Definitions as soon as possible. At present, ISDA is not planning to issue a protocol for updating legacy FX transactions. This bulletin provides for a high-level overview of the structure and key terms of the 2026 FX Definitions, and the implementation timeline.

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