Credit Support Annex: Difference between revisions

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-The Credit Support Annex is a document appended to the {{isdama}} whcih deals with collateralisation of Swap Agreements. Delivery of credit support may be effected by pledge under 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.
+{{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}}.
-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;
-==={{tag|Title transfer}} vs. {{tag|Pledge}}===
+*'''{{vmcsa}}''': The updated [[English law]] [[title transfer]] {{CSA}}, published in 2016 to cater for regulatory [[variation margin]]; and
-This feels as good a time as any to raise the great subject of [[title transfer]] and [[pledge]]. In a {{nutshell}}:
+*'''{{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.
-*'''Title Transfer''': The {{tag|English law CSA}} – outside the US, by far the most common type – is a [[title transfer]] document:
+*'''[[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>
-**when securities delivered to a party they become the recipient's property absolutely
+{{Csa title transfer vs pledge|vmcsa}}
-**recipient does not hold them in custody for the transferor;
+===The different types of [[Credit Support Annex]]===
-**recipient has only an obligation to redeliver an equivalent security.
+{{Csa clause table}}
-**Therefore no {{tag|CASS}} question arises at any point.
+{{sa}}
-*'''Pledge''': The English Law CSD and New York Law CSA are “pledge” documents:
+*{{isdaprov|Credit Support Document}}
-**The transferor delivers the securities to the receipient to hold for the transferor – the transferor retains title
+*{{isdaprov|Credit Support Default}}
-**Recipient holds securities as transferor's custodian subject to a {{tag|security interest}} securing their obligation under the swap.
+*[[Title-transfer collateral arrangement]]
-**The custody arrangement only exists while recipient holds the security, not before.
+*[[Security collateral arrangement]]
+{{ref}}
-{{csaanatomy}}