On 15 May, the International Swaps and Derivatives Association (ISDA) and FIA Europe jointly published the European Cleared Derivatives Execution Agreement for principal-to-principal client clearing. The European Execution Agreement is intended to be a standardised starting point for negotiation execution agreements under English law for swaps that are intended to be cleared by non-US central counterparties.
On 12 May 2014 ISDA published its 2014 Collateral Agreement Negative Interest Protocol. This protocol is designed to address a number of issues including enabling adhering parties to amend the terms of certain collateral agreements, to account for negative interest amounts on cash collateral. The amendments make clear that the party pledging cash collateral would pay interest to the collateral receiver in the event of negative interest rates, by paying the "absolute value" of the applicable interest amount for that interest period. There is currently no cut-off date for adherence to the protocol and it will be open to both ISDA members and non-members until ISDA designate the closing date.