The cornerstone of the $6.5 trillion-plus interest rate derivatives market, the ISDA Definitions booklet—which provides contractual terms, elections and fallbacks for the derivatives market—is receiving its first major "root and branch" update since 2006. Mayer Brown partners Ed Parker, Chris Arnold, Patrick Scholl, Bradley Berman and Vincent Sum continue their discussion of the key changes—what these mean for the participants and how the new definitions will work—with this call focusing on how the 2021 ISDA Definitions will impact products and geographies.

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