Finally the International Swaps and Derivatives Association (ISDA) has published a confirmation template which standardises catastrophe swaps referencing U.S. wind events. The document has been discussed for around two years so the market is sure to welcome this. You can download the ISDA U.S. Wind Event Confirmation Template here.
By providing assistance in standardisation of documentation ISDA can help markets to mature and become more accepted in the wider financial marketplace. The provision of such documentation aims to help to increase pricing transparency and product liquidity along with increasing certainty and reducing ambiguity around terms.
While the document has been designed to be used for U.S. wind events there’s no reason it couldn’t be adopted globally to provide a standard to base a worldwide market in wind swaps and futures on.