GFMA’s disruption template paused due to Isda definition clash

- By Cole Lipsky
- 17 Aug 2023

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The Global Financial Markets Association has been forced to pause its work on developing a multilateral close-out agreement (MCOA) framework for foreign exchange contracts, as it awaits a potential update in the definition of a disruption event.

The GFMA’s FX division (GFXD) had been working with law firm Linklaters to draft a currency-agnostic agreement that could be used to resolve deliverable FX trades such as spot, forwards and swaps when bilateral close-out efforts become chaotic.

The

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