Original Gangsta CSA

ISDA 1995 English Law Credit Support Annex A Jolly Contrarian owner’s manual™ Go premium 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 Resources and Navigation Index: Click ᐅ to expand: CSA

Just as there are ancient ISDAs and modern ISDAs, so too are there ancient CSAs — those pioneering, Devil-may-care documents dating from the last millennium, the 1994 NY CSA and 1995 CSA — and then the modern ones, the 2016 VM CSA, 2016 NY VM CSA and 2018 IM CSD. Exciting, right?

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. And even then, the OG OG CSA is the New York law one from 1994, which contemplates posting and receiving Credit Support by means of a pledge, and in a single currency. How badass is that? It is like one of those fixed-wheel bicycles that hipsters ride.

The English law equivalents, ancient and modern, operate by outright title transfer. Except for the 2018 English law IM CSD.

So, in our CSA coverage, you may see occasional references to an “Ancient CSA” or the “OG” CSA or “Original Gangsta” CSA, to be contrasted with a “Modern CSA”. I don’t think there is such a thing as a “New and Improved Gangsta” so we will stick with Modern CSA.

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.

Premium content

Here the free bit runs out. Subscribers click 👉 here. New readers sign up 👉 here and, for ½ a weekly 🍺 go full ninja about all these juicy topics 👇

See also

• Modern CSA