Preamble - ISDA Provision

Template:Code M A Jolly Contrarian owner’s manual™ Resources and navigation Template:M res MTemplate:M nav M Preamble 2002 in a Nutshell™ Use at your own risk, campers! {{Nutshell Template:Shortcode M 2002}} [[Template:Nutshell Template:Shortcode M 2002|view template]] Full text of Preamble 2002 {{Template:Longcode M 2002}} [[Template:Template:Longcode M 2002|view template]] {{m comp Template:Shortcode M|2002||Preamble }} Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

See also

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References

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The preamble is the only place where the concept of the “Transaction” — being the actual swaps you put on under one of these confounded agreements — is defined in the ISDA Master Agreement, which talks in somewhat laboured terms about the architecture is the ISDA contract.

ISDA architecture

The legal documentation for an ISDA swap transaction comes in three main parts, but —of course— there are complications. But let's start at the beginning.

The ISDA Master Agreement

The ISDA Master Agreement is the basic framework which applies to anyone who touches down on planet ISDA. There are three existing versions:

• the state-of-the-art 2002 ISDA;
• the still-popular-with-traditionalists-and-Americans 1992 ISDA, and
• the all-but-retired-but-don’t-forget-there-are-still-soldiers-in-the-Burmese-jungle 1987 ISDA
• the interesting-only-for-its-place-in-the-fossil-record-and-witty-acrostic 1985 ISDA Code; and
• there isn’t a 2008 ISDA. That’s a little running JC in-joke.

All three versions have a tri-partite form: Pre-printed Master, {{{{{1}}}|Schedule}} and — well, this is controversial: for is it, or is it not, part of the ISDA Master Agreement? — Credit Support Annex.