ISDA Notices Hub goes live

1. Key Points

• On 16 July 2025, ISDA announced the launch of the ISDA Notices Hub. The Hub is a new centralised online platform that firms can use to:

1. keep their contact details for off-Hub notice delivery up to date, and
2. if they so elect, electronically deliver and receive default and termination notices under Sections 5 and 6 of the ISDA Master Agreement, as well as certain related communications.

• Users select one of two functionality options:

• Where Full Functionality applies, notice delivery via the Hub is effectively instantaneous. Recipients receive automatic alerts when a notice is received.
• The Hub also registers the exact time of delivery, giving users certainty as to when time-critical notices have been delivered.
• To use the Hub, market participants must amend their ISDA Master Agreements accordingly. These amendments can be made either via the ISDA 2025 Notices Hub Protocol or by using ISDA’s standard form amendments.
• Use of the Hub is free for buy-side firms. There is an annual fee for sell-side firms.
• ISDA has published industry opinions to confirm the effectiveness of the Hub arrangements in multiple jurisdictions.
• ISDA expects to expand the scope of the Hub to other master agreements (including the ICMA Global Master Repurchase Agreement) in due course.
• ISDA has also published these Hub FAQs.

2. What is the ISDA Notices Hub?

The ISDA Notices Hub is a centralised online platform that enables Hub users transacting with other Hub users to:

1. keep their contact details for off-Hub notice delivery under the ISDA Master Agreement up to date; and
2. if selected as an option, electronically deliver and receive default and termination notices under Sections 5 and 6 of the ISDA Master Agreement, as well as certain related communications (discussed below).

3. What are the functionality options?

When signing up to the Hub, market participants select one of two functionality levels.

• Address Only: Selecting "Address Only" means that the Hub is used solely to maintain up-to-date contact details for off-Hub notice delivery between Hub users, allowing users to update their contact details with all their on-Hub counterparties at the same time. It does not enable the actual delivery of notices through the Hub.
  
  These contact details must be used by other Hub users delivering any off-Hub notice or communication under an ISDA Master Agreement that has been amended in line with Notices Hub Module #1 (discussed below).

• Full Functionality: Market participants that choose "Full Functionality" use the Hub to maintain their contact details but can also use it to electronically deliver to other Hub users default and termination notices under Sections 5 and 6 of the ISDA Master Agreement, along with certain related communications. However, this is optional, and users can still use traditional delivery methods if they prefer.

4. Do I have to select the same functionality level for all my counterparties?

No, you can have different functionality levels with different counterparties.

The elected functionality only takes effect for a counterparty pair if they have both "matched" on the Hub.

For example, if two counterparties sign up to the Hub and both select "Address Only", they have then "matched" and must use the Hub to keep their contact details up to date when facing each other.

If both counterparties select "Full Functionality", they have then "matched" at that level and can use the Hub for both functions when facing each other.

If two counterparties select different options, the selection defaults to "Address Only".

Hub users transacting with non-Hub users cannot use the Hub for either purpose for that transactional relationship. Similarly, non-Hub users cannot use the Hub for either purpose.

5. What are the benefits of delivering Section 5 and 6 notices via the Hub?

Notices delivered under Section 5 or Section 6 of the ISDA Master Agreement are used to notify a counterparty that an Event of Default, Potential Event of Default, or Termination Event has occurred (Section 5) and to terminate Transactions early and deliver close-out valuation statements (Section 6).

To effectively manage the close-out process, the delivering party will want certainty as to (i) effective delivery and (ii) the time and date of delivery.

Section 12 of the ISDA Master Agreement prescribes the ways in which Section 5 and 6 notices can be delivered - by hand, by certified or registered mail, by telex, or by fax (under the 2002 version) - and when such notices become effective.

Given the importance of these notices (and the difficulty in demonstrating that delivery by other means has been effected), the preferred delivery method is typically by hand. However, in recent years this has proved problematic, particularly during the Covid-19 pandemic and in light of travel restrictions imposed by geopolitical events.

Notice delivery via the Hub avoids these issues, as delivery is effected electronically, almost instantaneously, and generates a time and date stamp evidencing the exact time of delivery.

In addition to default and termination notices, the Hub can also be used to deliver related set-off notices, reservation of rights notices and/or waivers.

Notices delivered via the Hub become effective when they first become capable of being viewed by the recipient.

6. Must I use the Hub to update my contact details for other Hub users?

Yes. The relevant provisions require the Hub to function as a "golden source" of contact details for users, so (assuming no Hub outage) amendments to a user's contact details are only effective if made on the Hub.

This avoids the common problem of "stale" contact details, where a counterparty's contact details are not kept current. This was the case under many Lehman Brothers contracts when it became subject to insolvency proceedings, causing significant difficulties for counterparties seeking to terminate transactions.

The Hub addresses this by:

• requiring users to keep their Hub contact details up to date and acknowledge that they are relying on their counterparties to do so;
• regularly prompting users to update their contact details if necessary; and
• providing that, as between Hub users, any amendments to their contact details must be made on the Hub (unless there is a Hub outage).

In this way, (subject to a Hub outage) the Hub becomes a golden source of contact details for all notices and communications delivered between Hub users, whether via the Hub or otherwise.

7. What if my counterparty's Hub details are different from those in the ISDA Master Agreement - which do I use?

Hub users will therefore need to track which counterparties are currently using the Hub, whether there have been outages, and whether any contact details have been updated off-Hub during an outage or after a counterparty has ceased to be a Hub user.

When users update their contact details on the Hub, they will need to make sure that they also bilaterally notify their non-Hub counterparties.

8. If I am a Hub user, must I deliver default and termination notices via the Hub?

No, you can still deliver default and termination notices to Hub users off-Hub if you prefer.

Notices to non-Hub users will also be delivered off-Hub.

Any notice or communication delivered off-Hub between Hub users must be delivered to the address specified on the Hub, and not the address specified in the relevant ISDA Master Agreement (if different).

9. How do I access the Hub?

Access to the Hub involves a two-stage process.

Stage one: Amending Section 12 of the ISDA Master Agreement

First, market participants need to amend Section 12 of the relevant ISDA Master Agreement(s) so that notice delivery via the Hub is permitted and the provisions relating to contact details are incorporated.

This can be done in one of two ways.

• ISDA 2025 Notices Hub Protocol

Parties can make the necessary amendments using the ISDA 2025 Notices Hub Protocol.

The Protocol is divided into two sections. The first section is the Protocol itself, which parties adhere to in the usual way. It provides the contractual framework for adhering parties to implement specific contractual amendments via multiple individual Modules.

The initial Module - Notices Hub Module #1 - contains the text that amends Section 12 of the counterparties' ISDA Master Agreements.

If two counterparties both elect for a particular Module to apply, the parties are "matched" and the amendments take effect. In the case of Module #1, the amendments will be the Section 12 amendments discussed above.

ISDA anticipates adding further Modules to the Protocol in due course, each of which will implement a specific amendment. For example, ISDA may in future publish a Module amending in-scope Global Master Repurchase Agreements to allow for Hub notice delivery.

Importantly, amendments will not be made by any further Module unless both counterparties have elected on the Hub for that Module to apply.

• Standard form bilateral amendments

Counterparties that do not adhere to the Protocol can amend their contracts bilaterally, using a standard form amendment agreement published by ISDA.

The language used in the amendment agreement can also be extracted and used to amend new ISDA Master Agreements.

Stage two: Signing up to the Hub

Next, market participants need to sign up to the Hub via S&P's counterparty manager platform and make the necessary Module and Functionality elections.

10. Is there a cost to using the Hub?

Adherence to the Protocol is free to all market participants.

Use of the Hub itself is free to buy-side firms. Sell-side firms need to pay an annual fee.

11. How do I know that delivery via the Hub is effective?

ISDA has published opinions to confirm the effectiveness of the Hub arrangements in multiple jurisdictions. The opinions are available on the Opinions section of the ISDA website.

Authors: Daniel Franks, Partner; Kirsty McAllister-Jones, Expertise Counsel; Nicholas Anning, Junior Associate