Industry publishes European cleared derivatives execution agreement: ISDA and the Futures Industry Association (FIA) Europe have published the ISDA/FIA European Cleared Derivatives Execution Agreement for principal-to-principal client clearing. It is a template for English law execution agreements in relation to swaps cleared outside the US and may be used with the ISDA/FOA Client Cleared OTC Derivatives Addendum. (Source: ISDA and FIA Europe Publish European Cleared Derivatives Execution Agreement)