2025-11-14T13:06:53-06:00 2024-12-31 PwC US Tax LLP 2001 MARKET ST SUITE 1800 PHILADELPHIA PA 19103 990 2024-01-01 133298818 INT'L SWAPS & DERIVATIVES ASSOCIATION INC % HUZEFA DEESAWALA CFO INTL 2129016000 10 EAST 53RD STREET 9TH FLOOR NEW YORK NY 10022 SCOTT O'MALIA CEO 2129016000 2025-11-14 true true MEREDITH MONROE P01441362 2673303000 2024 2025-03-06 01:10:19Z SCOTT O'MALIA 10 EAST 53RD STREET 9TH FLOOR NEW YORK NY 10022 74648960 false X www.isda.org X 1985 NY ISDA FOSTERS SAFE AND EFFICIENT DERIVATIVES MARKETS TO FACILITATE EFFECTIVE RISK MANAGEMENT FOR ALL USERS OF DERIVATIVE PRODUCTS. 30 29 65 0 0 0 0 0 47052614 46608247 2438833 3530212 23874085 24510376 73365532 74648835 0 0 0 0 37723675 40012157 0 0 0 30296684 31819701 68020359 71831858 5345173 2816977 154059460 154364298 82957768 80948302 71101692 73415996 X SEE SCHEDULE O false false COMMITTEES - ESTABLISHED TO ENABLE MEMBERS TO ADDRESS SPECIFIC ISSUES RELATED TO DOCUMENTATION, ACCOUNTING, NETTING, COLLATERAL RISK MANAGEMENT, REGULATORY DEVELOPMENTS AND OTHER INDUSTRY TOPICS OF MUTUAL CONCERN AND INTEREST. CONFERENCES - CONDUCTED 56 EDUCATIONAL SEMINARS AROUND THE WORLD TO ADVANCE THE KNOWLEDGE AND UNDERSTANDING OF SWAPS AND DERIVATIVES MARKETS. ANNUAL GENERAL MEETING - ISDA'S ANNUAL GENERAL MEETING AND STRATEGIC PLANNING SESSION PROVIDE FORUMS FOR MEMBERS AND THE BOARD OF DIRECTORS TO EXCHANGE INFORMATION AND IDEAS ABOUT DEVELOPMENTS AFFECTING SWAPS AND DERIVATIVES MARKETS AROUND THE WORLD. A FULLER DESCRIPTION OF ACCOMPLISHMENTS IS AVAILABLE ON THE WEBSITE @ WWW.ISDA.ORG false false false true false false false false false true true false true true true false true false true true false false false false false false false false true false false false false false false false false false false true true true true false true X 3 0 true 65 true false true UK HK SN JA false false false false false false X 30 29 false false false false true true true true true false false false true true true true true true true true true X HUZEFA DEESAWALA CFO 2129016000 10 EAST 53RD STREET 9TH FLOOR NEW YORK NY 10022 X SCOTT O'MALIA CHIEF EXECUTIVE OFFICER 40.0 0.0 X X 2577493 0 16868 STEVE KENNEDY GLOBAL HEAD OF PUBLIC POLICY 40.0 0.0 X 823102 0 61847 KATHERINE DARRAS GENERAL COUSEL 40.0 0.0 X 848640 0 32020 MARK GHEERBRANT GLOBAL HEAD OF RISK & CAPITAL 40.0 0.0 X 867907 0 5358 TARA KRUSE GLOBAL HEAD, INFRASTRUCTURE 40.0 0.0 X 644966 0 74223 HUZEFA DEESAWALA CHIEF FINANCIAL OFFICER 40.0 0.0 X 587100 0 79950 MARK NEW CO-HEAD-DIGTL TRANS&SR COUNSEL 40.0 0.0 X 552643 0 75682 CHRISTOPHER YOUNG HEAD OF U.S. PUBLIC POLICY 40.0 0.0 X 553061 0 74337 NICK SAWYER GLOBAL HEAD OF COMMUNICATIONS 40.0 0.0 X 593800 0 15144 JING GU HEAD OF LEGAL, ASIA PACIFIC 40.0 0.0 X 578282 0 14950 ULRICH KARL HEAD OF CLEARING SERVICES 40.0 0.0 X 566012 0 17077 JAN MARK VAN MILL DIRECTOR 1.0 0.0 X 0 0 0 CHARLOTTE BRETTE DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL STANLEY DIRECTOR 1.0 0.0 X 0 0 0 TYLER WELLENSIEK DIRECTOR 1.0 0.0 X 0 0 0 JACK HATTEM DIRECTOR, SECRETARY 1.0 0.0 X X 0 0 0 JACQUES VIGNER DIRECTOR 1.0 0.0 X 0 0 0 GESA JOHANNSEN DIRECTOR 1.0 0.0 X 0 0 0 NIAMH STAUNTON DIRECTOR 1.0 0.0 X 0 0 0 KIERAN HIGGINS DIRECTOR 1.0 0.0 X 0 0 0 TINA HASENPUSCH DIRECTOR (THRU 4/17/2024) 1.0 0.0 X 0 0 0 CHRISTINE CREMEL DIRECTOR 1.0 0.0 X 0 0 0 WILLIAM BLACK DIRECTOR (THRU 1/1/2024) 1.0 0.0 X 0 0 0 DARCY BRADBURY DIRECTOR, TREASURER 1.0 0.0 X X 0 0 0 ANDREW NG DIRECTOR 1.0 0.0 X 0 0 0 ESRA TURK DIRECTOR 1.0 0.0 X 0 0 0 AXEL VAN NEDERVEEN DIRECTOR, VICE CHAIRMAN 1.0 0.0 X X 0 0 0 AMY HONG DIRECTOR 1.0 0.0 X 0 0 0 JEROEN KRENS DIRECTOR 1.0 0.0 X 0 0 0 JOANNE ROWE DIRECTOR 1.0 0.0 X 0 0 0 MARC BADRICHANI DIRECTOR (THRU 4/17/2024) 1.0 0.0 X 0 0 0 DANIEL MAGUIRE DIRECTOR (THRU 10/1/2024) 1.0 0.0 X 0 0 0 YOJI IMAFUKU DIRECTOR 1.0 0.0 X 0 0 0 SEBASTIAN CRAPANZANO DIRECTOR 1.0 0.0 X 0 0 0 SHIGERU NONOMURA DIRECTOR 1.0 0.0 X 0 0 0 MARC SEIDNER DIRECTOR 1.0 0.0 X 0 0 0 SIAN HURRELL DIRECTOR 1.0 0.0 X 0 0 0 ERIC LITVACK CHAIRMAN 1.0 0.0 X X 0 0 0 EMMANUEL RAMAMBASON DIRECTOR 1.0 0.0 X 0 0 0 DUNCAN RODGERS DIRECTOR 1.0 0.0 X 0 0 0 JARED NOERING DIRECTOR (AS OF 4/18/2024) 1.0 0.0 X 0 0 0 ERIK MUELLER DIRECTOR (AS OF 4/18/2024) 1.0 0.0 X 0 0 0 ISABELLE GIROLAMI DIRECTOR (AS OF 10/2/2024) 1.0 0.0 X 0 0 0 BRAD TULLY DIRECTOR (AS OF 4/18/2024) 1.0 0.0 X 0 0 0 9193006 0 467456 100 false true false LINKLATERS LLP 1290 AVENUE OF THE AMERICAS NEW YORK NY 10104 LEGAL SERVICES 2761280 REGNOSYS LTD 85 GREAT PORTLAND STREET LONDON 0 UK W1W 7LT CONSULTING SERVICES 1826570 OXFORD HEALTH PLANS 4 RESEARCH DRIVE SHELTON CT 06484 HEALTH INSURANCE 1734412 TRADE HEADER SL CARRER PRINCEP DE BERGARA 2 B1 BADA BARCELONA 0 SP 08912 CONSULTING SERVICES 911035 RISK STRATEGIES COMPANY 160 FEDERAL STREET BOSTON MA 02110 INSURANCE BROKERAGE 844927 54 0 MEMBERSHIP DUES 900099 43843026 43843026 CONFERENCES 900099 1396099 1396099 ANNUAL GENERAL MEETING 900099 1369122 1369122 46608247 3530212 3530212 0 12654945 12654945 35733 35733 0 35733 35733 0 0 0 0 0 0 0 3554409 125 3554284 3554284 ISDA AMEND AND PROTOCOL FEES 900099 8127668 8127668 ISDA CREATE 900099 137746 137746 8265414 74648835 46608247 28040588 X 0 0 0 0 7171208 0 26523390 1466627 2378418 2472514 0 2053086 345293 431032 0 0 12582126 0 1562845 1750325 0 6298784 1865394 0 2351436 0 0 826800 851432 BOARD MEETINGS 533962 EMPLOYEE TRAINING 181436 HR CONSULTING SVCS 172866 BAD DEBT PROVISION 7717 5167 71831858 12323395 16435314 29188685 33690858 0 0 40573548 41946872 0 0 0 0 0 0 0 0 2253888 2340285 6941537 3599466 3898312 3342071 0 0 36954600 32417509 0 0 0 0 28867032 24191389 154059460 154364298 5599199 6884018 0 0 48501500 48775292 0 0 0 0 0 0 0 0 0 0 28857069 25288992 82957768 80948302 X 0 0 0 0 71101692 73415996 71101692 73415996 154059460 154364298 X 2816977 -419598 -83075 X X false true X true false false false true 43843026 431032 431032 569959 -138927 4660610 2345124 2315486 2280927 1254342 1026585 3342071 LONG-TERM INVESTMENTS 30401294 F EQUITY INVEST UNCONSOL ENTITY 2015215 F ISDA SERVICES EQUITY INTEREST 1000 F 32417509 OPERATING ROU ASSETS 23486155 SECURITY DEPOSITS 355931 OTHER CURRENT ASSETS 349303 24191389 0 LONG-TERM LEASE LIABILITY 20872739 SHORT-TERM LEASE LIABILITY 3642059 LEASEHOLD DILAPIDATIONS 386885 FTX MTM LOSS 303728 SALES, PAYROLL & VAT TAXES PAY 37744 INVESTMENT GAIN/LOSS LIABILITY 36953 IMPORT WASH ACCOUNT 5389 CUSTOMER DEPOSIT ON ACCOUNT 2295 LIABILITY FOR SALE OF TRADING 1200 25288992 X 74494935 -115871 -115871 74610806 38029 38029 74648835 72180631 348773 348773 71831858 71831858 FORM 990, SCHEDULE D, PART X, LINE 2 FINANCIAL STATEMENT FOOTNOTE ISDA IS A NOT-FOR-PROFIT BUSINESS LEAGUE AND AS SUCH IS NOT REQUIRED TO PAY FEDERAL OR STATE INCOME TAXES ON INCOME DERIVED FROM ITS CORE MISSION. ISDA IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. DURING 2024, ISDA PAID AN IMMATERIAL AMOUNT OF INCOME TAX FOR FEDERAL UNRELATED BUSINESS INCOME, AS WELL AS INCOME TAX EXPENSES IN FOREIGN JURISDICTIONS. THIS AMOUNT HAS BEEN INCLUDED WITHIN GENERAL AND ADMINISTRATIVE ON THE CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. ISDA HAS REVIEWED ITS TAX EXEMPT STATUS AND PERFORMED AN ANALYSIS OF ALL OF ITS REVENUE STREAMS TO DETERMINE WHICH MAY BE TAXABLE IN THE EVENT THAT THEY WERE CHALLENGED BY THE INTERNAL REVENUE SERVICE. AS OF DECEMBER 31, 2024, ISDA DID NOT IDENTIFY ANY MATERIAL UNCERTAIN TAX POSITIONS. FORM 990, SCHEDULE D, PART XI, LINE 4B RECONCILIATION OF REVENUE BOOK-TAX DIFFERENCE IN UNCONSOLIDATED ENTITY : $ 83,075 REALIZED FX LOSS : $ (44,923) RECLASSED COGS FROM EXPENSES : $ (123) ---------------------------------------------------------------- TOTAL : $ 38,029 FORM 990, SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES REALIZED FX LOSS : $ 44,923 RECLASSED COGS TO REVENUE : $ 123 UNREALIZED LOSS : $ 303,727 ------------------------------------------------------------- TOTAL : $ 348,773 Europe (Including Iceland and Greenland) 2 147 Maintaining offices GENERAL & ADMIN 22657603 East Asia and the Pacific 3 44 Maintaining offices GENERAL & ADMIN 4494904 Europe (Including Iceland and Greenland) 0 0 Program Services CONFERENCES 126418 East Asia and the Pacific 0 0 Program Services CONFERENCES 262850 North America 0 0 Program Services CONFERENCES 3573 5 191 5 191 27545348 27545348 false false false false false false X X X X X false false false SCOTT O'MALIA CHIEF EXECUTIVE OFFICER 1250000 0 1230000 0 97493 0 12547 0 4321 0 2594361 0 0 0 STEVE KENNEDY GLOBAL HEAD OF PUBLIC POLICY 543407 0 279695 0 0 0 23986 0 37861 0 884949 0 0 0 MARK GHEERBRANT GLOBAL HEAD OF RISK & CAPITAL 499407 0 324615 0 43885 0 0 0 5358 0 873265 0 0 0 KATHERINE DARRAS GENERAL COUSEL 530400 0 318240 0 0 0 27718 0 4302 0 880660 0 0 0 HUZEFA DEESAWALA CHIEF FINANCIAL OFFICER 387600 0 199500 0 0 0 25611 0 54339 0 667050 0 0 0 TARA KRUSE GLOBAL HEAD, INFRASTRUCTURE 403104 0 241862 0 0 0 19884 0 54339 0 719189 0 0 0 ULRICH KARL HEAD OF CLEARING SERVICES 363403 0 181701 0 20908 0 12547 0 4530 0 583089 0 0 0 JING GU HEAD OF LEGAL, ASIA PACIFIC 356026 0 213616 0 8640 0 0 0 14950 0 593232 0 0 0 NICK SAWYER GLOBAL HEAD OF COMMUNICATIONS 348026 0 226217 0 19557 0 12547 0 2597 0 608944 0 0 0 CHRISTOPHER YOUNG HEAD OF U.S. PUBLIC POLICY 345663 0 207398 0 0 0 19998 0 54339 0 627398 0 0 0 MARK NEW CO-HEAD-DIGTL TRANS&SR COUNSEL 345402 0 207241 0 0 0 21343 0 54339 0 628325 0 0 0 FORM 990, PART III, LINE 1 MISSION STATEMENT ISDA FOSTERS SAFE AND EFFICIENT DERIVATIVES MARKETS TO FACILITATE EFFECTIVE RISK MANAGEMENT FOR ALL USERS OF DERIVATIVE PRODUCTS. STRATEGY STATEMENT ISDA ACHIEVES ITS MISSION BY REPRESENTING ALL MARKET PARTICIPANTS GLOBALLY, PROMOTING HIGH STANDARDS OF COMMERCIAL CONDUCT THAT ENHANCE MARKET INTEGRITY AND LEADING INDUSTRY ACTION ON DERIVATIVES ISSUES. THIS INCLUDES BEING: THE PREEMINENT VOICE OF THE GLOBAL DERIVATIVES MARKETPLACE -REPRESENTING THE INDUSTRY THROUGH PUBLIC POLICY ENGAGEMENT, EDUCATION AND COMMUNICATION ADVOCATE FOR EFFECTIVE RISK AND CAPITAL MANAGEMENT -ENHANCING COUNTERPARTY AND MARKET RISK PRACTICES AND ENSURING A PRUDENT AND CONSISTENT REGULATORY CAPITAL AND MARGIN FRAMEWORK THE SOURCE FOR GLOBAL INDUSTRY STANDARDS IN DOCUMENTATION -DEVELOPING STANDARDIZED DOCUMENTATION GLOBALLY TO PROMOTE LEGAL CERTAINTY AND MAXIMUM RISK REDUCTION A STRONG PROPONENT FOR A SAFE, EFFICIENT MARKET INFRASTRUCTURE FOR DERIVATIVES TRADING, CLEARING AND REPORTING -ADVANCING PRACTICES RELATED TO TRADING, CLEARING, REPORTING AND PROCESSING OF TRANSACTIONS IN ORDER TO ENHANCE THE SAFETY, LIQUIDITY AND TRANSPARENCY OF GLOBAL DERIVATIVES MARKETS FORM 990, PART VI, SECTION B, LINE 11 FORM 990 REVIEW PROCESS FORM 990 IS REVIEWED BY THE CFO AND CEO. PRIOR TO FILING, FORM 990 IS PROVIDED TO THE MANAGEMENT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12 CONFLICT OF INTEREST POLICY EACH MEMBER OF THE BOARD, OFFICER, AND KEY EMPLOYEE OF ISDA SHALL FURNISH A CONFLICT OF INTEREST DISCLOSURE STATEMENT TO THE SECRETARY OF ISDA PRIOR TO HIS OR HER ELECTION TO THE BOARD, ELECTION AS AN OFFICER OR APPOINTMENT OF A KEY EMPLOYEE, AS APPLICABLE, AND THEREAFTER ON AN ANNUAL BASIS. THE DISCLOSURE STATEMENTS SHALL BE REVIEWED ANNUALLY BY THE MANAGEMENT COMMITTEE, IN CONSULTATION WITH ISDA'S GENERAL COUNSEL. IN ADDITION, EACH MEMBER OF THE BOARD, OFFICER, AND KEY EMPLOYEE SHALL REPORT PROMPTLY TO THE SECRETARY OF ISDA ANY POTENTIAL CONFLICT OF INTEREST AS AND WHEN IT ARISES. PROCEDURES FOR ADDRESSING THE CONFLICTS OF INTEREST: A. ALL QUESTIONS AS TO WHETHER A RELATED PARTY HAS A FINANCIAL INTEREST OR A DUALITY INTEREST, AS APPLICABLE, IN A TRANSACTION, AGREEMENT OR ARRANGEMENT IN WHICH ISDA IS A PARTICIPANT SHALL BE RESOLVED BY A VOTE OF THE BOARD OR THE AUTHORIZED COMMITTEE IN WHICH THE INTERESTED INDIVIDUAL, IF HE OR SHE IS A MEMBER OF THE BOARD, MAY NOT VOTE. B. THE OFFICE OF THE CEO SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION, AGREEMENT OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, IT SHALL BE DETERMINED WHETHER ISDA CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION, AGREEMENT OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT CONSTITUTE A CONFLICT TRANSACTION. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT CONSTITUTING A CONFLICT TRANSACTION, THE BOARD OR THE AUTHORIZED COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED MEMBERS OF THE BOARD WHETHER TO APPROVE THE PROPOSED TRANSACTION, AGREEMENT OR ARRANGEMENT BECAUSE IT IS FAIR, REASONABLE AND IN THE BEST INTEREST OF ISDA. E. THE MINUTES OF THE MEETING OF THE BOARD OR THE AUTHORIZED COMMITTEE CONSIDERING THE CONFLICT TRANSACTION SHALL (I) REFLECT THAT THE RELATED PARTY'S FINANCIAL INTEREST OR DUALITY INTEREST, AS APPLICABLE, IN THE TRANSACTION, AGREEMENT OR ARRANGEMENT IN WHICH ISDA IS A PARTICIPANT WAS DISCLOSED, (II) STATE THAT THE RELATED PARTY (AND ANY MEMBER OF THE BOARD, OFFICER, OR KEY EMPLOYEE AFFILIATED WITH THE RELATED PARTY) WAS NOT PRESENT DURING THE FINAL DELIBERATION OR VOTE OF THE BOARD OR THE AUTHORIZED COMMITTEE ON THE CONFLICT TRANSACTION, (III) STATE THAT THE RELATED PARTY, IF A MEMBER OF THE BOARD, ABSTAINED FROM VOTING ON THE CONFLICT TRANSACTION,(IV) DESCRIBE THE ACTION TAKEN BY THE BOARD OR THE AUTHORIZED COMMITTEE RELATING TO THE CONFLICT TRANSACTION (E.G., APPROVAL OR DISAPPROVAL), AND (V) DESCRIBE ANY CONSIDERATION OF ALTERNATIVE TRANSACTIONS, TO THE EXTENT APPLICABLE, BY THE BOARD OR THE AUTHORIZED COMMITTEE. THE BOARD OR THE AUTHORIZED COMMITTEE WILL REPORT THE FOREGOING TO THE MANAGEMENT COMMITTEE PROMPTLY FOLLOWING SUCH MEETING. FORM 990, PART VI, SECTION B, LINES 15A & 15B COMPENSATION REVIEW PROCESS THE COMPENSATION FOR MANAGEMENT STAFF IS REVIEWED AND APPROVED BY THE MANAGEMENT COMMITTEE. THE CEO RECUSES HIMSELF FROM DISCUSSIONS OF THE MANAGEMENT COMMITTEE INVOLVING HIS COMPENSATION. PRIOR TO APPROVING THE COMPENSATION, THE DATA IS COMPARED TO OTHER FINANCIAL SERVICES AS WELL AS INDUSTRY ASSOCIATIONS SIMILAR TO ISDA AND OTHER EXCHANGE NON-PROFITS EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE BY-LAWS ARE AVAILABLE ON THE WEBSITE. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES BOOK-TAX DIFFERENCE IN UNCONSOLIDATED ENTITY $ (83,075) FORM 990, PART XII, LINE 2C THE AUDIT PARTNER PRESENTS THE AUDIT RESULTS TO THE MANAGEMENT COMMITTEE AND THE MANAGEMENT COMMITTEE PRESENTS TO THE BOARD. THE AUDIT PARTNER IS ALSO AVAILABLE AT THE BOARD MEETING TO ANSWER ANY QUESTIONS REGARDING THE AUDIT PRESENTATION. FORM 990 PART IX LINE 11G DESCRIPTION:DOCUMENT DIGITIZATION TOTAL FEES:3942480 FORM 990 PART IX LINE 11G DESCRIPTION:RISK MANAGEMENT & REPORT. TOTAL FEES:1203697 FORM 990 PART IX LINE 11G DESCRIPTION:MARKET INFRA & TECH. TOTAL FEES:957319 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER COMMITTEE CONSULTG. TOTAL FEES:6478630 ISDA (HONG KONG) LIMITED SUITE 1502 15/F WHEELOCK HOUSE20 PEDDER ST CENTRAL HONG KONG HK SUPPORT ISDA HK 2162268 277712 ISDA NY INTERNATIONAL SWAPS & DERIVATIVES ASSOC OTEMACHI NOMURA BlDG2-1-1OTE MACHICHIYODAKUTOKYO JA JA 100-0004 SUPPORT ISDA JA 0 8913 ISDA NY ISDA SINGAPORE PTE LTD TOWER 1 LEVEL 11 8 MARINA BLVD SINGAPORE SN 018981 SUPPORT ISDA SN 1796331 622157 ISDA NY NETALYTICS DSI GP 10 E 53RD ST 9TH FLR NEW YORK NY 10022 300046078 LICENSING NY ISDA EXCLUDED FROM TAX 2098247 5389563 true 0 true 0.81628 ISDA SERVICES INC 10 EAST 53RD STREET 9TH FLOOR NEW YORK NY 10022 272047764 CREDIT AUCTION DE ISDA C CORP 71 7985 1.00000 true DC ADMINISTRATION SERVICES INC 160 GREENTREE DR STE 101 DOVER COUNTY OF KENT DE 19904 371909902 DC SECRETARY DE ISDA C CORP 3069336 4618629 1.00000 true false false false false false false false false false false false true true true true false false false true NETALYTICS DSI GP S 1861012 FMV