ISDA publishes first clearing member reliance opinions: ISDA has published the first two clearing member reliance opinions for the principal to principal model. They cover the Cayman Islands and Denmark, and consider enforceability of close-out, set-off and default provisions of the ISDA/FOA Client Cleared OTC Derivatives Addendum in those jurisdictions. (Source: ISDA Publishes the First Clearing Member Reliance Opinions