ISDA Master Agreement: Difference between revisions

*'''Big drafting issues'''

**[[Valuation Agent - CSA Provision|Valuation]] and [[Calculation Agent - ISDA Provision|Calculation]]: of transactions – differing standards between asset  classes

**Credit:  

***{{isdaprov|Events of Default}} and {{isdaprov|Termination Event}}s, the differences between them

***{{isdaprov|Cross Default}} and inadvertent solvency risks

***{{isdaprov|Additional Termination Events}} that will be specific to counterparties

***{{isdaprov|Credit Support Provider}}s,  

***{{isdaprov|Specified Entities

**[[Close out]]:

 How close out works

 [[Netting]] and [[set off]]

o [[Netting]]

 The importance of [[close-out netting]]

 Netting opinions

 Counterparty types

 Automatic Early Termination

 Collateral  

 Multibranch parties

o Collateral: How the CSA works

 Title transfer versus pledge

 “Equivalent” credit support

 Independent Amounts

 Changes wrought by regulations for variation margin

 Valuation of collateral and exposure values

o Tax representations: Hire Act, FACTCA, payer and payee representations

o Notices and communications

o Definitions booklets

- Process issues

o Capacity and authority

o Onboarding and AML

o Static data and netting flags

o Who are the stakeholders?

 Credit

 Treasury

 Legal

 Trading

 Sales