2013 ISDA Standard Credit Support Annex

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CSA Anatomy™


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The 2013 Standard CSA (or “SCSA” — not to be confused, as it commonly is, with WWF’s Stone Cold Steve Austin) as published by ISDA. A nice idea — to overhaul and standardise the old 1994 NY CSA and bring it into the 21st century, but it died on the vine because, being ISDA, they couldn't help overcomplicating it, and it turned out in light of Basel and IOSCO developments they’d bished the drafting[1] and then regulatory margin became a thing, so they re-hashed it as SCSA 2, that still didn't work, and the SCSA is really only a curio these days. The state-of-the-art document is the 2016 VM CSA.

See also

References

  1. See DRS’s Michael Beaton on that subject (and many more besides) here.