ISDA announces close-out stay protocol: ISDA has announced that 18 major global banks will subscribe to ISDA's Resolution Stay Protocol in the coming weeks. The protocol imposes a stay on cross-default and early termination rights within standard ISDA derivatives contracts. FSB has called on all systemically important banks to adhere to the protocol and also reminded of the need to extend the process to other market participants. (Source: Major Banks Agree to Sign ISDA Resolution Stay Protocol and FSB Welcomes Industry Initiative to Remove Cross-Border Close-Out Risk