Agreement - ISDA Provision: Difference between revisions
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Latest revision as of 13:46, 30 May 2023
Overview
The “Agreement” is, broadly, the ISDA Master Agreement, the Schedule, any 1995 CSA and, in the context of any Transaction, its Confirmation. It generally would not include a Credit Support Document (except to the extent you treat your 1995 CSA, rightly or wrongly,[1] as a Credit Support Document.
Summary
The ISDA Master Agreement
The ISDA Master Agreement is the basic framework which applies to anyone who touches down on planet ISDA. There are three existing versions:
- the state-of-the-art 2002 ISDA;[2]
- the still-popular-with-traditionalists-and-Americans 1992 ISDA, and
- the all-but-retired-but-don’t-forget-there-are-still-soldiers-in-the-Burmese-jungle 1987 ISDA[3]
- the interesting-only-for-its-place-in-the-fossil-record-and-witty-acrostic 1985 ISDA Code; and
- there isn’t a 2008 ISDA. That’s a little running JC in-joke.[4]
All three versions have a tri-partite form: Pre-printed Master, Schedule and — well, this is controversial: for is it, or is it not, part of the ISDA Master Agreement? — Credit Support Annex. {{isda 1(c) summ {{{1}}}|{{{1}}}}}
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- The JC’s famous Nutshell™ summary of this clause
- A deeper investigation into the architecture of the ISDA, how it fits together, which bits get edited and which prevails in the event of conflict.
See also
References
- ↑ Rightly, if it is a 1994 NY CSA or a 2016 NY Law VM CSA; wrongly if it is a 1995 CSA or a 2016 VM CSA.
- ↑ There is no such thing as a 2008 ISDA. That was a joke on our part.
- ↑ Seriously: proceed with caution with one of these. 1987 ISDAs don’t have a lot of safety features a modern derivatives counterparty relies on, so only for real specialists and weirdos. Think of it like flying a spitfire rather than a 737 Max. Um, okay, bad metaphor.
- ↑ Talking to yourself might not be the first sign of madness, but having in-jokes with yourself might be.