Template:Isda Credit Support Provider summ

A {{{{{1}}}|Credit Support Provider}} is basically a guarantor: a third party who stands being the obligations of a counterparty to the ISDA Master Agreement. Usually this is someone providing an all obligations guarantee or a standby letter of credit, but on rare occasions — very rare, usually involving espievies — might be a third party directly posting credit support to the other party under a Credit Support Document. In any case it is not a direct counterparty to the ISDA Master Agreement itself, whether or not the CSA counts as a Credit Support Document.

Given that a 1995 CSA is not a {{{{{1}}}|Credit Support Document}} at all, but a {{{{{1}}}|Transaction}} under the ISDA Master Agreement, a party to it is obviously not a Credit Support Provider.

A 1994 NY CSA, on the other hand, is a {{{{{1}}}|Credit Support Document}} though. So should a Party to the ISDA Master Agreement, where there is a 1994 NY CSA, be described as a “{{{{{1}}}|Credit Support Provider}}"?

No, sayeth the User’s Guide to the 1994 NY CSA:

“Parties to an ISDA Master Agreement should not, however, be identified as {{{{{1}}}|Credit Support Provider}}s with respect to the Annex, as such term is intended only to apply to third parties.”

the Users’ Guide to the 2002 ISDA is similarly emphatically vague:

“The meaning of “{{{{{1}}}|Credit Support Provider}}” ... should apply to any person or entity (other than either party) providing, or a party to, a {{{{{1}}}|Credit Support Document}} delivered on behalf of a particular party.”

This means that a New York Law CSA — which is not a {{{{{1}}} |Transaction}} under the ISDA architecture, remember, is a {{{{{1}}}|Credit Support Document}}, but the person providing {{{{{1}}}|Credit Support}} under it — is not a “{{{{{1}}}|Credit Support Provider}}”?