What Role Do “Protocols” Play in Updating the ISDA Master Agreement for New Regulations?

ISDA Protocols are standardized, multilateral contractual amendments that allow a large number of market participants to efficiently amend their existing ISDA Master Agreements simultaneously. They are typically created in response to new regulations (e.g.

Dodd-Frank, EMIR) to standardize compliance and avoid the costly, time-consuming process of negotiating bilateral amendments with every counterparty.