Clifford Chance

Addressing the difficulties: ISDA approves an online Notices Hub for delivering notices

23 September 2024

ISDA's Board has recently approved the construction of a Notices Hub. This initiative will establish an online platform for the sending and receiving of termination and close-out related notices under the ISDA Master Agreement and (potentially) other Master Agreements.

The proposal to develop a Notices Hub arose in response to the difficulties experienced in delivering notices during the Financial Crisis, the Covid Pandemic and the imposition of sanctions, where parties were dealing with a mix of issues including differing time zones, difficulties with notice details not being up to date, disruptions to courier or postal services, limited or no access to particular locations and the closure of offices or only limited hours for delivery. The Notices Hub takes advantage of latest technology to provide an alternative method of serving notice via a secure and confidential online platform. 

This briefing considers how the Notices Hub will operate and some of the key issues that market participants should be aware of.

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