The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and Derivatives Association, Inc. (ISDA).
The key ISDA document which sets out the commercial terms of a particular trade are set out in a confirmation. For more information, see ISDA confirmations. A confirmation may incorporate certain defined terms by reference to booklets published by ISDA which are known as the ISDA definitions. Various ISDA definitions booklets have been published and are to be selected for incorporation into a confirmation depending on the type of derivative transaction involved.
This Practice Note explains:
how the ISDA definitions fit into the ISDA documentation framework
the purpose of ISDA definitions
the key ISDA definitions, and
key points to consider when incorporating ISDA definitions into trade documentation
The ISDA documentation framework for derivatives involves layers of documentation. The key layers of documentation for a trade under the ISDA documentation framework are:
master agreement—the key forms of master agreement are:
1992 ISDA Master Agreement (multicurrency, cross border form) (the 1992 Master Agreement)
2002 ISDA Master Agreement (multicurrency, cross border form) (the 2002 Master Agreement)
schedule to the master agreement
credit support document (optional), and
For more information, see:
Derivatives: ISDA documentation framework, and
ISDA master agreements and schedules: key provisions
The appropriate ISDA definitions
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