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Credit Support Annex: Difference between revisions

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Credit Support Annex (view source)

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{{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}}.
{{a|vmcsa|}}There are three basic varieties of {{CSA}}: the {{ukcsa}}, where [[collateral]] is provided by [[title transfer]], and is thus a {{ttca}}; the {{nycsa}} where [[collateral]] is provided (in theory) by [[pledge]], and is therefore is (in theory) a {{sfca}},  and the {{csd}} 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 {{csd}}.
({{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).
 
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]].


In these pages, the varieties  of {{CSA}} will be represented by:
In these pages, the varieties  of {{CSA}} will be represented by:
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*'''{{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.
*'''{{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>
*'''[[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}}
{{Csa title transfer vs pledge|vmcsa}}
 
===The different types of [[Credit Support Annex]]===
{{Csa clause table}}
{{sa}}
{{sa}}
*{{isdaprov|Credit Support Document}}
*{{isdaprov|Credit Support Document}}
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