FX and Currency Option Definitions, Annex, Supplements and User's Guide

1998 FX and Currency Option Definitions

The 1998 FX and Currency Option Definitions are jointly published by ISDA, EMTA and the Foreign Exchange Committee and are intended for use in confirmations of individual transactions governed by (i) the 1992 ISDA Master Agreements; (ii) the International Foreign Exchange and Options Master Agreement ("FEOMA"), the International Foreign Exchange Master Agreement ("IFEMA") and the International Currency Options Market Master Agreement ("ICOM"), each published by the Foreign Exchange Committee in association with the British Bankers Association, the Canadian Foreign Exchange Committee and the Tokyo Foreign Exchange Market Practices Committee; and (iii) other similar agreements. The purpose of these Definitions is to provide the basic framework for the documentation of privately negotiated FX and currency option transactions, including those transactions previously documented under the 1992 ISDA FX and Currency Option Definitions. These Definitions are an expansion of the 1992 Definitions and cover a wider range of currencies and transactions. The most significant new concepts are the inclusion of certain Disruption Events and Disruption Fallbacks, which enable parties to a transaction to allocate certain event risks by providing an agreed-upon method for settling a transaction upon the occurrence of those events. These concepts may be applicable to certain currency transactions, such as those involving emerging market currencies. 

User's Guide to the 1998 FX and Currency Option Definitions

The User's Guide to the 1998 FX and Currency Option Definitions provides a detailed explanation of the provisions of the 1998 FX and Currency Option Definitions, which are illustrated through the use of historical examples and flow charts. The User's Guide also highlights legal and market practice issues that parties should consider.

Annex A to the 1998 FX and Currency Option Definitions

Annex A to the 1998 FX and Currency Option Definitions, which was originally published in 1998, restated in 2000 and 2017 (amended December 3, 2024). The compendium includes all amendments to Annex A to the 1998 FX and Currency Option Definitions that were published electronically since June 20, 2001. The Mapping Guide is intended to assist the market in its transition to the Amended and Restated Annex A dated November 19, 2017. Please note that the Amended & Restated version of Annex A, dated November 19, 2017, and all amended versions of that document to date are also available via ISDA’s MyLibrary.

Vietnamese translation of FX Glossary
( published April 25, 2011 )

The FX Glossary contains relevant provisions from the 1998 FX and Currency Option Definitions, as amended by the 2005 Barrier Option Supplement, for documenting the following transactions:

a. Deliverable USD/VND FX spots, FX forwards and FX swaps,
b. Deliverable USD/VND put and call currency options, and
c. Deliverable USD/VND binary options.

Vietnamese translation of FX Confirmation templates
( published April 25, 2011 )

The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:

a. Deliverable USD/VND FX spots, FX forwards and FX swaps,
b. Deliverable USD/VND put and call currency options,
c. Deliverable USD/VND binary options,
d. Deliverable and Non-Deliverable USD or VND interest rate swaps, and
e. Deliverable and Non-Deliverable USD/VND cross currency swaps.