Master agreements and schedules

This Overview is a guide to the Banking & Finance content within the Master agreements and schedules subtopic, with links to appropriate materials.

The master agreement and schedule are the key documents in a derivative transaction which set out the non-commercial terms (eg the standard provisions which form a type of boilerplate) which apply to each trade between two parties.

ISDA documentation

The vast majority of over-the-counter (OTC) derivative transactions are documented using International Securities and Derivatives Association (ISDA) standard documentation.

The ISDA documentation framework for derivatives involves layers of documentation (often referred to as the ISDA documentation architecture). It is important to understand how each document fits within the framework in order to be able to negotiate the documentation effectively. The key layers of documentation for a trade under the ISDA documentation framework are:

•
master agreement—a pre-printed umbrella document which includes the boilerplate provisions (unless varied by the schedule to the master agreement)
•
schedule to the master agreement—amends the terms of the master agreement as required by the parties
•
credit support document (optional)—credit support is a method of providing collateral

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Banking and Finance weekly highlights—17 July 2025

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