1992 ISDA Master Agreement
A Jolly Contrarian owner’s manual
Definition of Reference Market-makers in a Nutshell™
Use at your own risk, campers!
Definition of Reference Market-makers in full
“Reference Market-makers” means four leading dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city.
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There is no such term in the 2002 ISDA.
Reference Market-makers are theoretically important figures if you are engaged in the valiant but futile pursuit of obtaining a Market Quotation, which, that notion having been abolished by the 2002 ISDA, is something you're only likely to be doing under a 1992 ISDA.