ISDA Publishes the ISDA 2013 ICE Brent Protocol

ISDA announced the publication of the ISDA 2013 ICE Brent Protocol (the "Protocol"). The Protocol offers market participants an efficient way to amend the terms of certain derivatives transactions to address the impact of the decisions by ICE Futures Europe ("ICE") to (i) change expiry dates for ICE Brent futures and options contracts to a month-ahead expiry calendar with respect to March 2016 and later contract months and (ii) require a cash adjustment as a result of such change (the "ICE Brent Transition").

The ICE Brent Transition will impact certain derivatives transactions that reference the relevant ICE Brent contracts; therefore, the Protocol specifies that (i) the ICE Brent Transition is not a Market Disruption Event or an Additional Market Disruption Event with respect to the relevant derivatives transactions and (ii) that the Calculation Agent will calculate a cash payment for the relevant derivatives transaction to reflect the ICE Brent Transition, based on the ICE cash adjustment provisions.

The cut-off date for this Protocol is November 22, 2013 at 5 PM EST.

See: ISDA 2013 Brent Protocol; Brent Protocol Overview; Brent Protocol FAQ.Related News: Government Regulators Make Recommendations to ISDA (with Lofchie Comment) (November 5, 2013); ISDA Publishes ISDA 2013 Account Control Agreement (October 11, 2013); ISDA and Markit Publish Cross-Border Swaps Representations on ISDA Amend (September 24, 2013).