CSA Anatomy™
The varieties of ISDA CSA
Subject 1994 NY 1995 Eng 2016 VM NY 2016 VM Eng 2018 IM Eng
Preamble Pre Pre Pre Pre Pre
Interpretation 1 1 1 1 1
Security Interest 2 - 2 - 2
Credit Support Obligations 3 2 3 2 3
Transfers, Calculations and Exchanges - 3 - 3 -
Conditions Precedent, Transfer Timing, Calculations and Substitutions 4 - 4 - 4
Dispute Resolution 5 4 5 4 5
Holding and Using Posted Collateral 6 - 6 - 6
Transfer of Title, No Security Interest - 5 - 5 -
Events of Default 7 6 7 6 7
Rights and Remedies 8 - 8 - 8
Representations 9 7 9 7 9
Expenses 10 8 10 8 10
Miscellaneous 11 9 11 9 11
Definitions 12 10 12 10 12
Elections and Variables 13 11 13 11 13
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In our CSA coverage, you may see occasional references to an Ancient CSA or the “OG” CSA or “Original Gangsta” CSA. This is to the original credit support annexes of 1994 (New York law) and 1995 (English law) respectively, to distinguish them from the regulatory margin CSAs - the regulatory variation margin ones for each governing law, published in 2018, and the regulatory initial margin ones, both published in 2018.

This is mainly a weak joke and a lame appeal for street credibility on the part of the least hip person to walk the face of the earth, but it is actually useful as a label for the 1990s CSAs, so we will stick with it.

See also