State of a federal sovereign

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One of ISDA’s vaunted netting categories.

State of a Federal Sovereign: The principal political sub-division of a federal Sovereign, such as Australia (for example, Queensland), Canada (for example, Ontario), Germany (for example, Nordrhein-Westfalen) or the United States of America (for example, Pennsylvania). This category does not include a Local Authority.
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See also

• ISDA netting categories
• close-out netting
• ISDA Anatomy