2002 ISDA Master Agreement Protocol
The 2002 ISDA Master Agreement Protocol is intended to provide an easy way to solve problems that arise when certain documents that were published by the ISDA prior to 2002 are used in conjunction with a 2002 ISDA. For example, where documents like the 1995 CSA use defined terms (such as Market Quotation) that do not exist within the 2002 ISDA. The Protocol provides an easy way to rectify these discrepancies.
Fun fact: you need to adhere to the protocol even if you have a 2002 Master Agreement, because the 1995 CSA refers to concepts in the 1992 ISDA. Sigh.
Documents Covered
There is a long list of documents covered by the Master Agreement Protocol:
- 1991 ISDA Definitions including 1998 Supplement;
- 1992 ISDA FX and Currency Option Definitions;
- 1998 FX and Currency Option Definitions;
- 1993 ISDA Commodity Derivatives Definitions including the 2000 Supplement;
- 1994 ISDA Equity Option Definitions;
- 1996 ISDA Equity Derivatives Definitions;
- 1997 ISDA Government Bond Option Definitions;
- 1997 ISDA Bullion Definitions;
- 1997 ISDA Short Form Bullion Definitions;
- 1999 ISDA Credit Derivatives Definitions;
- 1994 ISDA Credit Support Annex (New York Law);
- 1995 ISDA Credit Support Annex (English Law);
- 1995 ISDA Credit Support Deed (English Law);
- 1995 ISDA Credit Support Annex (Japanese Law);
- 2001 ISDA Margin Provisions; and
- 2001 ISDA Margin Supplement.