Credit Support Annex: Difference between revisions

Credit Support Annex (view source)

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-{{a|csa|}}The {{csa}} is annexed to the {{isdama}} and deals with collateralisation. Oddly, the {{csa}} is not a {{isdaprov|Credit Support Document}}, but an off-setting {{isdaprov|Transaction}} under the {{isdama}}. ({{isdaprov|Credit Support Document}}s are things like [[guarantee]]s and [[Letter of credit|letters of credit]] provided by third party {{isdaprov|Credit Support Provider}}s).
+{{a|csa|}}The {{CSA}} is annexed to the {{isdama}} and deals with collateralisation. Oddly, it is not itself a {{isdaprov|Credit Support Document}}, but instead a {{isdaprov|Transaction}} under the {{isdama}}, so frlom the point of view of the [[ISDA architecture]] the {{CSA}} is technically a {{isdaprov|Confirmation}}.
+({{isdaprov|Credit Support Document}}s, by contrast, are discrete things that sit outside the [[ISDA architecture itself]], like [[guarantee]]s and [[Letter of credit|letters of credit]] provided by third party {{isdaprov|Credit Support Provider}}s).
-Delivery of [[credit support]] may be effected by pledge under [[New York law|New York Law]], in which case the {{1994csa}} is the appropriate annex document, or by [[title transfer]] under English Law, in whcih case the {{1995csa}} is the appropriate annex document.
+There are three basic varieties of {{CSA}}: the [[English law]] [[credit support annex]], where [[collateral]] is provided by [[title transfer]], and is thus a [[title transfer collateral arrangement]], the [[New York law]] [[credit support annex]] where [[collateral]] is provided (in theory) by [[pledge]], and is therefore is (in theory) a [[security collateral arrangement]],  and the [[English law]] [[credit support deed]] where collateral is (in theory) provided by security interest but in practice is not passed at all, because in this day and age, no-one in their right mind uses an [[English law]] [[credit support deed]].
-If you are using the {{1995csa}} (as is usual for English law governed {{isdama}}s), then you might find the [[CSA Anatomy]] a good place to start.
+In these pages, the varieties  of {{CSA}} will be represented by:
+*'''{{csa}}''': The original [[English law]] version of the [[title transfer]] {{CSA}}, published in 1995;
+*'''{{vmcsa}}''': The updated [[English law]] [[title transfer]] {{CSA}}, published in 2016 to cater for regulatory [[variation margin]]; and
+*'''{{nyvmcsa}}''': The updated [[New York law]]  {{csa}}, being an enhanced version of the original {{1994csa}} updated to cater for regulatory [[variation margin]]. I haven’t done the {{1994csa}} in such detail because, frankly, bite me. Three {{CSA}}s should be AMPLE.
+*'''[[Credit support deed]]''': I haven’t done this one either, because as far as I know hardly anyone uses it, because the idea of granting a [[security interest]] over derivative [[variation margin]] is stupid.<ref>[[US attorney]]s will swear blind that this is not true, but all I can say is [[rehypothecation]].</ref>
 {{titletransfervspledge}}
-{{Seealso}}
+{{sa}}
 *{{isdaprov|Credit Support Document}}
 *{{isdaprov|Credit Support Default}}
 *[[Title-transfer collateral arrangement]]
+*[[Security collateral arrangement]]
 {{ref}}