Sorainen is the first law firm in the Baltics to join the International Swaps and Derivatives Association (ISDA), which represents participants in the privately-negotiated derivatives industry. The ISDA is among the world’s largest global financial trading associations as measured by the number of member firms – today it has over 800 member institutions from fifty-five countries on six continents. These members include most of the world’s major institutions dealing in privately-negotiated derivatives, as well as many businesses and government entities. Since its inception in 1985, the ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk-management business.
Says Tomas Kontautas, Sorainen Lithuania’s country managing partner: “As a member of the ISDA, Sorainen now has access to a comprehensive dossier of ISDA standard documents, and receives ISDA publications plus netting and security conclusions by the ISDA. Participation in ISDA also allows Sorainen to join ISDA committees and working groups and participate in webinars and calls. The benefits of this membership will enable us to continue providing top-quality services for derivatives industry participants.”
Sorainen had already collaborated with the ISDA while preparing the Lithuanian Law on Financial Collateral Arrangements. The Law not only implemented Directive 2009/44/EC but also, following the ISDA Model Netting Act, decreases systemic risk and creates more certainty in the derivatives trade by providing provisions for close-out netting under OTC derivative transactions.
