ISDA 2025 – 2002 Equity Derivatives Definitions (VE) Protocol

On 27 October 2025, ISDA announced the opening of the general adherence phase for the ISDA 2025 – 2002 Equity Derivatives Definitions (Versionable Edition) Protocol (the Equity Definitions (VE) Protocol).

The Equity Definitions (VE) Protocol represents the next stage in the transition to the 2002 ISDA Equity Derivatives Definitions (Versionable Edition) (the Equity Definitions (VE)), Version 2.0 of which was published by ISDA in January 2025. See our previous Insights article for a summary of the Equity Definitions (VE).

As we noted in that article, the Equity Definitions (VE) do not automatically replace the 2002 ISDA Equity Derivatives Definitions (the 2002 Equity Definitions), nor do they automatically affect existing or new trades.

The Equity Definitions (VE) Protocol is intended to assist counterparties in transitioning to the Equity Definitions (VE). It enable adherents to amend the terms of their equity derivatives master confirmation agreements to incorporate the Equity Definitions (VE) in place of the 2002 Equity
Definitions, with an effective date of October 26, 2026.

For further information on the Equity Definitions (VE) and the Equity Definitions (VE) Protocol, please speak to your usual Simmons & Simmons contacts or any of the contacts named in this article.