Master trading agreement

Negotiation Anatomy™ →Go uptown Master trading agreements: a spotter’s guide Segment Agreement Publisher Cleared/OTC Asset classes Trade types Collateral? Netting? Cash markets Terms of business Broker OTC Equities, fixed income, FX Cash equities Spot FX Other spot or short-dated DVP transactions No. No. Derivatives ISDA Master Agreement Regional variations (FBF, DRV, CMOF, SMA) ISDA Regional industry bodies OTC, OTC to CCP All Swaps, forwards, options Some securities financing. Yes. Yes. Exchange-traded derivatives FIA Professional Client Agreement FIA Cleared All Listed futures & options Yes. Yes. Securities financing GMRA/MRA GMSLA/MLSA ICMA ISLA OTC Bonds Equities Repos Securities lending Yes. Yes. Prime brokerage Prime brokerage agreement Prime broker OTC Equities, fixed income, FX Margin lending, Securities financing, ETD Yes. Yes: Master netting agreement. Commodities Various commodity masters Industry bodies OTC Physical commodities, metals Spot and forward Yes. Yes. Energy EFET Master Agreement Grid Trade Master Agreement NAESB Master Agreement EFET FIA NAESB OTC Power, gas, emission allowances Spot and forward Yes. Yes. Oil/Freight BP/Shell T&Cs BIMCO BP/Shell BIMCO OTC Oil, freight Spot and forward No. No. Walk-away | Escalation | Algorithm | Heuristic | subject matter expert | Operationalisation | Playbook | Smart contract | Dead horse | Knife fight | 7 wastes | Cruddy legal advice Index: Click ᐅ to expand: Negotiation Contract ISDA Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

A master trading agreement such as those set out in the panel to the right. There are anatomies on these (and many other) master agreements, which can be accessed from the sidebar, and certain introspective essays about how they all fit together, where they came from, and what this all means.

See also

• Master agreement genealogy
• Master agreement landscape