Dodd-Frank Derivatives Disclosures

Material Risks

Material Characteristics

ISDA Master Agreements, User's Guides and Related Documents

 

 


ISDA Credit Support Documentation, User's Guides and Guidelines

 

  • 1994 ISDA Credit Support Annex (Security Interest - New York Law)

    The 1994 ISDA Credit Support Annex allows parties to establish bilateral mark-to-market security arrangements. This document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to New York law.

  • User's Guide to the 1994 Credit Support Annex

    The User's Guide to the 1994 ISDA Credit Support Annex is designed to assist in the understanding and use of the 1994 ISDA Credit Support Annex (subject to New York Law) which is used in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under a Master Agreement that selects New York law as the governing law.

  • Form of Amendment to 1995 ISDA Credit Support Annex (Transfer English Law) (May 2003)

    This Amendment will enable parties with 1992 ISDA Master Agreements (which have been amended to include Close-out Amount) to amend their existing Credit Support Annex to take into account the addition of Close-out Amount and the deletion of Market Quotation and Loss.

  • 1995 ISDA Credit Support Annex (Transfer - English Law)

    The English Credit Support Annex allows parties to establish bilateral mark-to-market arrangements under English law relying on transfer of title to collateral in the form of securities and/or cash and, in the event of default, inclusion of collateral values within the close-out netting provided by Section 6 of the ISDA Master Agreement. The English Credit Support Annex does not create a security interest, but instead relies on netting for its effectiveness. Like the New York Credit Support Annex, it is an Annex to the Schedule to the ISDA Master Agreement.

  • 1995 ISDA Credit Support Deed (Security Interest - English Law)

    The 1995 ISDA Credit Support Deed allows parties to establish bilateral mark-to-market collateral arrangements under English law relying on the creation of a formal security interest in collateral in the form of securities and/or cash. It is a stand-alone document (not an Annex to the Schedule), but is otherwise comparable to the 1994 ISDA Credit Support Annex for use with ISDA Master Agreements subject to New York law (which also relies on the creation of a formal security interest in the collateral).

  • User's Guide to the ISDA Credit Support Documents Under English Law

    The User's Guide to the ISDA Credit Support Documents Under English Law is designed to explain the ISDA Credit Support Deed (Security Interest - English Law) and the ISDA Credit Support Annex (Transfer - English Law) and to highlight the principal differences between each of those documents. An additional section comparing each of these documents to the New York Credit Support Annex has also been included for the benefit of those already familiar with the New York Credit Support Annex.

  • Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law) (May 2003)

    This Amendment will enable parties with 1992 ISDA Master Agreements (which have been amended to include Close-out Amount) to amend their existing Credit Support Annex to take into account the addition of Close-out Amount and the deletion of Market Quotation and Loss.

  • 2008 ISDA Credit Support Annex (Loan/Japanese Pledge) (published October 21, 2008)

    The document reflects new netting, bankruptcy and securities clearing system legislation which were implemented in Japan after the 1995 ISDA Credit Support Annex (Security Interest - Japanese Law) was published. It is intended for use in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under an ISDA Master Agreement for which the parties intend to use assets located in Japan as credit support. This Annex assumes that Japanese law will govern questions of perfection and priorities relating to posted collateral and is designed to provide documentation for parties wishing to minimize exposure to counterparties through collateral arrangements in respect of cash, deposit accounts, Japanese government bonds or other marketable securities situated in Japan. It is a stand-alone document (not an annex to the Schedule).

  • Guidebook for ISDA Credit Support Annexes (Japanese language)
    (published August 28 , 2009)

    The Guidebook for ISDA Credit Support Annexes is a user-friendly, practical guidebook which is designed to assist users of the ISDA Credit Support Annexes to understand the collateral management and documentation. The topics covered in the Guidebook include the detailed descriptions of (i) Collateral as a Risk Management Tool (ii) Documentation structure and the Terms (iii) Collateral Management and Operations (iv) Forms of the Annexes and legal issues (v) Tax (vi) Close-out process.

  • 1995 ISDA Credit Support Annex (Security Interest - Japanese Law)
    (this form is superseded by the October 21, 2008 publication)

    The 1995 ISDA Credit Support Annex was prepared for use in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under an ISDA Master Agreement for which the parties intend to use assets located in Japan as credit support. This Annex assumes that Japanese law will govern questions of perfection and priorities relating to posted collateral and is designed to provide documentation for parties wishing to minimize exposure to counterparties through collateral arrangements in respect of cash, deposit accounts, Japanese government bonds or other marketable securities situated in Japan. The structure and wording of this Annex were designed to conform to the 1994 ISDA Credit Support Annex in order to facilitate its use by those familiar with that Annex. Therefore, parties should generally refer to the User's Guide to the 1994 ISDA Credit Support Annex. The User's Guide to the Japanese Law Annex discusses the differences between the 1994 ISDA Credit Support Annex and the 1995 ISDA Japanese Annex.

  • User's Guide to the 1995 Credit Support Annex (Security Interest - Japanese Law)

    The User's Guide to the 1995 ISDA Credit Support Annex (Security Interest - Japanese Law) discusses the differences between the 1994 ISDA Credit Support Annex (subject to New York Law) and the 1995 Japanese Law Credit Support Annex. The structure and wording of the 1995 Japanese Law Annex were designed to conform to the 1994 ISDA Credit Support Annex (subject to New York Law) in order to facilitate its use by those familiar with the 1994 Annex. Therefore, parties should generally refer to the User's Guide to the New York Credit Support Annex.

  • Japanese translation of the 2008 ISDA Credit Support Annex Loan/Japanese Pledge
    (published March 31, 2011)

    This translation of the 2008 ISDA Credit Support Annex (Loan/Japanese Pledge) to Japanese has been prepared for educational purposes only.

  • Japanese translation of the 1995 ISDA Credit Support Annex Transfer - English Law
    (published March 31, 2011)

    This translation of the 1995 ISDA Credit Support Annex (Transfer ? English Law) to Japanese has been prepared for educational purposes only. Japanese translation of the Recommended Amendment Provisions for the Transfer Annex with respect to Japanese Party ("Loan and Set-off") " Annex III of Japanese Collateral Opinion.

  • 2001 ISDA Margin Provisions

    The 2001 ISDA Margin Provisions offer a single document in which parties can select jurisdiction-specific provisions to apply to their margin arrangements, including New York law, English law and Japanese law. The Margin Provisions have common operational provisions and incorporate a plain English approach. In addition, more streamlined timing and dispute resolution procedures are offered. A new supplement is available, as well as forms of notices.

  • Erratum to Part 4 of the 2001 ISDA Margin Provisions
  • User's Guide on the 2001 ISDA Margin Provisions

    The User's Guide to the 2001 ISDA Margin Provisions provides background information and section by section analysis of the 2001 ISDA Margin Provisions. The User's Guide also has several useful Appendices, with forms of notices, sample calculations of Delivery Amounts and Return Amounts and comparative tables illustrating differences between the 2001 ISDA Margin Provisions and the 1994 and 1995 ISDA Credit Support Annexes under New York and English law provided.

  • Canadian Credit Support Annex

    Schedule of Amendments to the New York Form of Credit Support Annex (Ontario law). This is designed to assist where a ISDA Master Agreement (including Credit Support Annex) involves an Ontario counterparty, the Collateral includes Canadian cash or securities and/or the ISDA Master Agreement is governed by Ontario Law.

  • Instructions for use

    Instructions for, the New York Form of Credit Support Annex (Ontario law). This is designed to assist where a ISDA Master Agreement (including Credit Support Annex) involves an Ontario counterparty, the Collateral includes Canadian cash or securities and/or the ISDA Master Agreement is governed by Ontario Law.

  • ISDA 1999 Collateral Review

    The ISDA 1999 Collateral Review follows the ISDA Guidelines for Collateral Practitioners published in October 1998. The ISDA Guidelines were intended as an introduction to the practicalities of managing collateral for privately negotiated derivatives transactions, while the ISDA Collateral Review is a more advanced discussion of collateral management practices. The ISDA Collateral Review reflects the experiences of collateral practitioners during periods of market volatility and contains twenty-two recommendations in the area of collateral management. The ISDA Collateral Review also sets out action plans for collateral practitioners, regulators and ISDA to enhance the effectiveness of collateralization as a risk mitigation technique.

  • Guidelines for Collateral Practitioners (1998)

    The Guidelines for Collateral Practitioners are designed as a resource document for organizations designing policies, practices, systems and operations to address the activities that accompany the introduction of ISDA credit support documentation. The Guidelines examine factors involved in structuring collateralized relationships from credit and documentation perspectives and discuss implementing the collateralized relationship once a collateral agreement has been executed (including collateral valuation and inventory management). The Guidelines also discuss maintenance of collateral relationships with on-going operational and communication requirements for making and/or meeting collateral calls.

  • ISDA Collateral Asset Definitions (June 2003)

    The ISDA Collateral Asset Definitions standardize the descriptions for the most commonly used collateral assets in various jurisdictions, reducing operational and legal risks in the use of collateral and providing a more streamlined method for including assets in collateral arrangements. The Definitions are structured as a series of tables covering the most commonly used assets in more than twenty jurisdictions. The Definitions are designed for incorporation into any form of collateral agreement, including both ISDA Credit Support documentation and non-ISDA forms of collateral agreement. ISDA anticipates publishing future editions of the ISDA Collateral Asset Definitions, updated to reflect changes in the published definitions and to include additional assets.

 


ISDA Commodity Derivatives Definitions, Exhibits, Annexes and Confirmations (Including Bullion)

 

  • 2005 ISDA Commodity Definitions and User's Guide to the 2005 ISDA Commodity Definitions

    The 2005 ISDA Commodity Definitions, the Exhibits to the 2005 ISDA Commodity Definitions which include standard Confirmation templates, and the Annex to the 2005 ISDA Commodity Definitions, are intended for use with the ISDA Master Agreements, or other agreements, and are designed to be incorporated into Confirmations of individual commodity transactions governed by those agreements. The Commodity Definitions significantly update and expand upon the 1993 ISDA Commodity Derivatives Definitions and the 2000 Supplement to the 1993 Definitions, as well as incorporate the 1997 ISDA Bullion Definitions. The Commodity Definitions are for use by participants in privately negotiated commodity transactions including cash-settled commodity swaps, basis swaps, options, caps, collars, floors, swaptions and commodity index transactions, as well as certain physically-settled commodity transactions. A sample form of letter agreement constituting a Confirmation, together with specific provisions for use in Confirmations that document different types of commodity transactions, are included in the Exhibits. The Annex includes revised Commodity Reference Prices (in Sub-Annex A) together with additional definitions, other provisions and forms of Confirmation relevant to bullion transactions, weather index derivative transactions, European physical gas transactions, North American physical gas and power transactions, GTMA transactions, EU emissions allowance transactions and freight transactions (Sub-Annexes B-I).

    The User's Guide to the 2005 ISDA Commodity Definitions is designed to assist in the understanding and use of the 2005 ISDA Commodity Definitions. This publication provides an overview of the structure of and highlights key features in the 2005 ISDA Commodity Definitions that mark changes from the 1993 ISDA Commodity Definitions, the 2000 Supplement to the 1993 Definitions and the 1997 ISDA Bullion Definitions. The User"s Guide also contains a discussion of the Commodity Reference Price Framework (with examples) and provides a schematic presentation of the operation of the Disruption Fallback waterfall.

  • Supplement to Sub-Annex A to the 2005 ISDA Commodity Definitions
  • ISDA Global Physical Coal Annex

    ("ISDA Coal Annex") for the purchase or sale of physical coal (sourced at origins in the US or outside the US) on a spot or forward basis, or for trading in options to purchase or sell physical coal.

    Important Note for "International Coal": For coal sourced at origins outside the United States ("International Coal"), the Standard Coal Trading Agreement published by globalCOAL" ("SCoTA"") is incorporated by reference into Appendex 2 of the ISDA Coal Annex. globalCOAL Limited is the sole proprietor of any and all the intellectual property rights in, to, arising from and associated with each and all versions of the SCoTA. Express consent is required from globalCOAL Limited in order to make use of SCoTA in any manner, including the SCoTA terms incorporated by reference through Appendix 2 to the ISDA Coal Annex. Accordingly, if a party wishes to enter into transactions governed by Appendix 2 of the ISDA Coal Annex, before doing so it must accept and therefore enter into the globalCOAL Limited licensing scheme, which is available at http://www.globalcoal.com/

  • 1993 ISDA Commodity Derivatives Definitions

    The 1993 ISDA Commodity Derivatives Definitions are designed to facilitate the documentation of commodity transactions under the 1992 Master Agreements. Sample forms of confirmation are included.

    (Please refer to 2005 ISDA Commodity Definitions)

  • 2000 Supplement to the 1993 ISDA Commodity Derivatives Definitions

    The 2000 Supplement updates the 1993 ISDA Commodity Derivatives Definitions (the "1993 Definitions"). As is the case with the 1993 Definitions, the 2000 Supplement is designed for use by participants in the markets for commodity derivatives transactions in documenting cash-settled commodity swaps, options, caps, collars, floors and swaptions or other cash-settled commodity derivatives transactions as the parties desire. The 2000 Supplement also includes a significant number of additional commodity reference prices for energy, metals and paper.

    In addition to an expanded commodity reference price section, the 2000 Supplement allows parties to incorporate price materiality into the price source disruption event defined in Section 7.4.

    (Please refer to 2005 ISDA Commodity Definitions)

  • US Emissions Allowance Transaction Documents
    (published December 21, 2006)

    The U.S. Emissions Allowance Transaction Annex to the ISDA Master Agreement together with a confirmation template are intended to apply to transactions for the purchase, sale or exchange of an emissions product on a spot ("Immediately-Delivered Emissions Transaction") or forward basis, or as option to purchase, sell or exchange of an emissions product. The new publication is structured as an annex to the ISDA Master Agreement Schedule. Emissions products covered by the Annex include Carbon Financial Instruments (CFIs) traded on the Chicago Climate Exchange; emissions of nitrogen oxide; emissions of sulfur dioxide and any emissions allowance or credit created under a U.S. state cap-and-trade program. The list of emissions products covered by the Annex is designed to be updated as new emissions products, such as renewable energy credits, gain liquidity in the market.

    (Annex)
    (Confirmation)

  • 1997 ISDA Bullion Definitions

    The 1997 ISDA Bullion Definitions are jointly published by ISDA and LBMA and are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements to document cash-settled and physically-settled (on an unallocated basis) bullion spot and forward trades and options and cash-settled bullion swaps, caps, collars, floors and swaptions. Bullion, as used in these Definitions, means each of gold, silver, platinum and palladium. (Parties may also refer to Sub-Annex B of the 2005 ISDA Commodity Definitions)

  • 1997 ISDA Short Form Bullion Definitions

    The 1997 ISDA Short Form Bullion Definitions are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements. These Definitions were extracted from the 1997 ISDA Bullion Definitions to meet the needs of certain market participants who desired a short form set of Definitions covering only physically settled (on an unallocated basis) bullion spot and forward trades and options. Bullion, as used in these Definitions, means each of gold, silver, platinum and palladium.

    (Parties may also refer to Sub-Annex B of the 2005 ISDA Commodity Definitions)

 


ISDA Credit Derivatives Definitions, Supplements and Commentaries

 

  • 2003 ISDA Credit Derivatives Definitions

    The 2003 ISDA Credit Derivatives Definitions (the "2003 Definitions") are intended for use in confirmations of individual transactions governed by agreements such as the 2002 ISDA Master Agreement or the 1992 ISDA Master Agreements published by ISDA. The 2003 Definitions update the 1999 ISDA Credit Derivatives Definitions and offer the basic framework for the documentation of privately negotiated credit derivative transactions. The 2003 Definitions update provisions in the 1999 ISDA Credit Derivatives Definitions relating to Successor and several Credit Events. In addition, the 2003 Definitions offer new provisions relating to guarantees, Sovereign credit default swaps, novation of credit derivative transactions and alternative procedures in the event the Bond or Loan specified in the Notice of Physical Settlement is not Delivered.

  • 2003 ISDA Credit Derivatives Definitions incorporating the "May 2003 Supplement" and the "July 2009 Supplement" - Clean Version
  • 2003 ISDA Credit Derivatives Definitions incorporating the "May 2003 Supplement" and the "July 2009 Supplement" - a Comparison Version

    (showing the changes made to the 2003 Definitions by each of the July 2009 Supplement and the May 2003 Supplement and annotated to identify the section of each supplement effecting each change)

  • Japanese Translation of the 2003 ISDA Credit Derivative Definitions
    (Electronic documentation pack incorporating the "May 2003 Supplement" and the "July 2009 Supplement")
  • EXHIBIT A to 2003 ISDA Credit Derivatives Definitions
  • May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions

    The May 2003 Supplement addresses guaranteed subordinated debt, the determination time for assessing voting shares and amends Section 4.9(a)(i) of the 2003 Definitions regarding Multiple Holder Obligations.

  • Side Letter on 60 Business Day Cap on Settlement

    The Side Letter was published on August 5, 2003 and offers firms the ability to agree to a 60 Business Day cap on Settlement under the 2003 ISDA Credit Derivatives Definitions.

  • 2003 Master Credit Derivatives Confirmation Agreement (European-North American)

    The Master Credit Derivatives Confirmation (the "Master Confirmation") was published in June 2003 and is intended to be used for North American and European Transactions. The Master Confirmation aims to streamline the confirmations process and incorporates the 2003 ISDA Credit Derivatives Definitions and the May 2003 Supplement. A General Terms Confirmation and Transaction Supplement is also offered.

  • 2003 Master Credit Derivatives Confirmation Agreement (Asia-Pacific)

    The Master Credit Derivatives Confirmation (the "Master Confirmation") was published in July 2003 and is intended to be used for Japan, Australia, New Zealand, Asia and Singapore Transactions. The Master Confirmation aims to streamline the confirmations process and incorporates the 2003 ISDA Credit Derivatives Definitions and the May 2003 Supplement. A General Terms Confirmation and Transaction Supplement is also offered.

  • First to Default Confirmation (July 2004)

    The First to Default Confirmation is intended to document credit derivative trades with baskets or portfolios of Reference Entities. The Confirmation provides for Settlement Terms when the first Reference Entity in the basket is subject to an Event Determination Date and sets forth the mechanics for substituting a Reference Entity name or names in the event that a Succession Event or Seller Merger Event occurs.

  • Note of First to Default Confirmation

    The Note offers eight examples illustrating how the provisions of the First to Default Template operates.

  • 1999 ISDA Credit Derivatives Definitions

    The 1999 ISDA Credit Derivatives Definitions (the "1999 Definitions") are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements published by ISDA. The 1999 Definitions provide the basic framework for the documentation of privately negotiated credit derivative transactions. The 1999 Definitions are primarily an expansion and revision of the 1998 Confirmation of OTC Swap Transaction (Single Reference Entity, Non-Sovereign).

  • Confirmation of OTC Credit Swap Transaction Single Reference Entity - Non Sovereign

    The Confirmation of OTC Credit Swap Transaction - Single Reference Entity - Non-Sovereign is intended for use in documenting transactions that provide credit protection against certain defaults involving non-Sovereign entities. The long-form confirmation can be used in conjunction with an ISDA Master Agreement to document either cash-settled or physically-settled transactions.

 


ISDA Equity Derivatives Definitions, User's Guides and Confirmations

 

  • 2011 ISDA Equity Derivatives Definitions | Appendix

    The 2011 ISDA Equity Derivatives Definitions replace the 2002 ISDA Equity Derivatives Definitions. They include a Main Book and an Appendix, and are structured to allow for periodic updating. The Main Book contains the core definitions and provides a menu of provisions that can be combined to create different transactions. The Appendix to the Main Book contains tables setting out possible elections, consequences and fallbacks. The 2011 Definitions are drafted to be principles based, flexible and modular. The Definitions are part of a new process and structure for documenting equity derivatives that will be implemented incrementally, initially via transaction matrices. In contrast to the 2002 Equity Derivatives Definitions, which were based upon a standard confirmation template for each of the three major transaction types (Swaps, Options, and Forwards), the 2011 Definitions confirmation structure is based upon a universal framework which is designed to support a unique set of core definitions. Each transaction is a combination of unique terms, built on the same framework and may be documented, matched, and analyzed electronically.

  • 2002 ISDA Equity Derivatives Definitions

    The 2002 ISDA Equity Derivatives Definitions update the 1996 ISDA Equity Derivatives Definitions. A number of significant changes have been made in the 2002 ISDA Equity Derivatives Definitions, including: (i) expanded product coverage for forwards, barrier instruments and Bermuda options; (ii) amendments to the consequences of Merger Events and the approach to disruptions of trading activity; and (iii) the linkage of cash or physical settlement provisions to any instrument, rather than just options.

  • Confirmations for us with the 2002 ISDA Equity Derivatives Definitions

    This document provides eighteen forms of Confirmations for use with different types of equity derivative transactions, as contemplated in the 2002 ISDA Equity Derivative Definitions.

  • User's Guide to the 2002 ISDA Equity Derivatives Definitions

    The User's Guide to the 2002 Equity Derivatives Definitions is designed to assist in the understanding and use of the 2002 Equity Derivatives Definitions and forms of confirmation. This publication provides a detailed, section by section review of the provisions featured in the 2002 Equity Derivatives Definitions and how those provisions differ from those published in the 1996 ISDA Equity Derivatives Definitions. The Guide also contains examples of the operation of the various provisions of the Definitions, and provides some examples of jurisdiction specific provisions which may be of help to parties in customizing their transactions.

  • French Translation of the 2002 ISDA Equity Derivatives Definitions (For Educational Purposes Only)

    This translation of the 2002 ISDA Equity Derivatives Definitions has been prepared for educational purposes only.

  • 2006 ISDA Fund Derivatives Definitions

    The 2006 ISDA Fund Derivatives Definitions are intended for use in confirmations of individual derivatives transactions linked to interests in various types of pooled investment vehicles, such as hedge funds and mutual funds. They are a streamlined version of the 2002 ISDA Equity Derivatives Definitions tailored to account for the particular valuation and settlement characteristics of fund interests. They differ from the 2002 Definitions primarily in that the 2006 ISDA Fund Derivatives Definitions do not contain market valuation methodologies, physical settlement mechanics or other provisions that are more suitable for equity securities whose value is primarily derived from secondary market transactions and in that they contain Extraordinary Events geared toward funds and events that may impact investors in such funds.

  • 2007 Partial Lookthrough Depository Receipt Supplement to the 2002 ISDA Equity Derivatives Definitions
    (published December 7, 2007)

    This supplement to the 2002 ISDA Equity Derivatives Definitions may be used in documenting equity derivatives transactions referencing depository receipts. This form is based on the 2007 Full Lookthrough Depository Receipt Supplement published by ISDA on September 17, 2007, but with a narrower scope of circumstances in which the transaction will look through to events affecting the shares underlying the depository receipts.

  • 2007 Full Lookthrough Depository Receipt Supplement to the 2002 Equity Derivatives Definitions
    (published September 17, 2007)

    This supplement to the 2002 Equity Derivatives Definitions may be used in documenting equity derivatives transactions referencing depository receipts. It is intended for use in particular where the parties may be hedging in the Underlying Shares and require the terms of the transaction to look through to events in respect of the Underlying Shares. Please note that ISDA also anticipates publishing a form of Partial Lookthrough Depository Receipt supplement, for intended use in transactions where the parties require less extensive lookthrough to the Underlying Shares.

  • Second Revised 2007 AEJ Master Variance Swap Confirmation Agreement
    (published December 28, 2009 Note: This supersedes version dated March 9, 2009)

    The Second Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares. The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand.

  • Amendment to the Revised 2007 AEJ Master Variance Swap Confirmation Agreement and the 2007 AEJ Master Variance Swap Confirmation Agreement
    (published December 28, 2009)

    Parties who have entered into the Revised 2007 AEJ Master Variance Swap Confirmation Agreement published on March 9, 2009 or the 2007 AEJ Master Variance Swap Confirmation Agreement published on February 12, 2007 can use this Amendment to incorporate the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares.

    Amendment to the Revised 2007 AEJ Master Variance Swap Confirmation Agreement
    Market Practice Statement dated Dec 28, 2009

  • Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement
    (published October 7, 2009 Note: This supersedes version dated March 9, 2009)

    The Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement incorporates Annex CMISO in addition to Annexes previously published. The Confirmation Agreement contains the following annexes: the Multiple Exchange Index Annex; Annex CMISO, which documents to document index and share Option Transactions referencing closed markets; the Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options; and the Open Market Annex OMEFS, which documents cash-settled equity finance share swaps. Open market annexes reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore; Closed market annexes reference underlying shores or indices in India, Indonesia, Korea, Malaysia, Taiwan and Thailand.

  • Revised ISDA AEJ Reference Price Source Matrix
    (published October 7, 2009)

    The purpose of this Closed Market Option General Terms Confirmation (this "CMISO General Terms Confirmation") is to document index and share Option Transactions referencing closed-markets entered into between counterparties under the Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement.

  • Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement
    (published March 9, 2009 Note: This supersedes version dated March 13, 2007)

    The Second Revised 2005 AEJ (Asia Excluding Japan) Interdealer Master Equity Derivatives Confirmation Agreement incorporates the amendments that were made to the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement is designed to document Index Option, Index Swap, Share Option and Share Swap Transactions with respect to underlying shares or indices in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand in the interdealer market.

  • Revised Additional Provisions for Use with Indian Underliers
    (published November 28, 2008)

    The revised Additional Provisions for Use with Indian Underliers makes changes to the original version published on 6 June 2005 to take into account amendments made to the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations in May 2008. The Amendment to Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement allows parties to bilaterally amend their existing Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement to update the references therein from the Additional Provisions published in 2005 to the revised version.

    Additional Provisions
    Amendment

  • 2008 AEJ Master Equity Derivatives Confirmation Agreement
    (published March 31, 2008)

    The 2008 AEJ Master Equity Confirmation Agreement contains the Open Market EFS Annex which documents cash-settled equity finance share swaps referencing underlying shares in Australia, Hong Kong, New Zealand or Singapore.

  • 2010 EMEA EM Interdealer Master Equity Derivatives Confirmation Agreement
    (published November 23, 2010)

    The 2010 EMEA EM Interdealer Master Equity Confirmation Agreement includes Annex ISEMO. Annex ISEMO documents equity cash-settled index options and cash/physically-settled share option transactions with respect to an underlying index or share in Czech Republic, Egypt, Greece, Hungary, Israel, Kuwait, Poland, Qatar, Russia, South Africa, Turkey, the United Arab Emirates and any other country otherwise agreed between the parties.

  • Annex FVSS to the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement
    (published July 9, 2010)

    Annex FVSS (Fair Value Interdealer Share Swap) documents interdealer fair value share swaps that reference an Exchange in a country specified under the terms of the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement.

  • ANNEX IIS to the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement
    (published April 16, 2010)

    Annex IIS documents interdealer index swap transactions referencing a European index.

  • Annex IS and Component Security Index Annex to the 2007 European Master Equity Confirmation Agreement
    (published December 15, 2009)

    Annex IS provides documentation for Cash-settled Index Swaps. The Component Security Index Annex applies to a transaction unless otherwise specified in the Transaction Supplement.

    Annex IS
    CSIA

  • 2009 European Interdealer Master Equity Derivatives Confirmation Agreement
    (published August 4, 2009)

    The 2009 European Interdealer Master Equity Confirmation Agreement includes Annex SS which documents equity finance Share Swap Transactions. Additional Annexes referenced in Exhibit I will be published when agreed by the market.

    Annex SS
    Confirmation

  • ISDA Standard Terms Appendix for use with European Variance Option Transactions
    (published January 27, 2009)

    By incorporating the ISDA Standard Terms Appendix for use with European Variance Option Transactions into a Transaction Supplement under a Revised 2007 European Variance Swap Master Confirmation Agreement, the parties agree to amend such MCA to add the provisions of Annex IVO (Index Variance Option) and Annex SVO (Share Variance Option).

  • Revised 2007 European Variance Swap Master Confirmation Agreement
    (published, June 25, 2007 Note: this version supersedes version dated March 7, 2007)

    This amended version includes changes to Annex SVS in respect of the application of Related Exchange / Exchange when determining a Scheduled Trading Day for Share Variance Swaps. Related Exchange is no longer taken into account for the determination of a Scheduled Trading Day for a Share Variance Swaps. The 2007 European Variance Swap Master Confirmation Agreement is designed to document index and share variance swap transactions with respect to Covered Transactions. Covered Transactions are defined in the agreement as Share Variance Swap Transaction with an Exchange in a Specified Country and on a share (excluding American Depository Receipts and Global Depository Receipts) issued by an Issuer that is not a fund or similar collective investment scheme; or an Index Variance Swap Transaction with a Related Exchange in a Specified Country. Specified Countries are defined as Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland or the United Kingdom. (Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User"s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

    Confirmation
    Blackline

  • European Dispersion Variance Swap General Terms Confirmation
    (published December 2, 2008)

    The Dispersion Variance Swap General Terms Confirmation/Annex DVS ("DVS General Terms Confirmation") is designed to document variance swap transactions composed of an Index Variance Swap Transaction and a Share Variance Swap Transaction composed of several Share Variance Swap Transactions. The DVS General Terms Confirmation is to be used with the Revised 2007 European Variance Swap Master Confirmation Agreement.

  • European Master Equity Confirmation Agreement
    (published May 10, 2007)

    The 2007 European Master Equity Confirmation Agreement documents option transactions with respect to a European index or share (includes Multiple Exchange Index Annex and Index/Share Option Annex). (Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User"s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

  • Revised 2008 Japanese Dividend Swap Master Confirmation Agreement
    (published January 19, 2010 Note: This supersedes version dated May 16, 2008)

    The Revised 2008 Japanese Dividend Swap Master Confirmation Agreement (Annex IDS) is designed to document index dividend swap transactions based on a Japanese index.

    Revised 2008 Japanese Dividend Swap Master Confirmation Agreement
    Amendment to the 2008 Japanese Dividend Swap Master Confirmation Agreement

  • 2008 Japanese Master Equity Derivatives Confirmation Agreement
    (published July 24, 2008)

    The 2008 Japanese Master Equity Derivatives Confirmation Agreement is designed to document Cash-settled Index Option Transactions with respect to a Japanese Index and Cash or Physically-settled Share Option Transactions with respect to Japanese Share.

  • Share Variance Swap Confirmation
    (published December 21, 2006)

    The Share Variance Swap Confirmation, to be used in conjunction with the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement expands product coverage under the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement to share variance swaps.

  • 2006 Japan Interdealer Master Variance Swap Confirmation Agreement
    (Annex IVS published June 30, 2006, Annex SVS published December 21, 2006)

    The 2006 Japan Interdealer Master Variance Swap Confirmation Agreement is designed to document index and share variance swap transactions with respect to a Japanese index or share.

  • 2009 Americas Master Equity Derivatives Confirmation Agreement
    (published February 20, 2009 - updated August 5, 2009 and December 23, 2009)

    The 2009 Americas Master Equity Derivatives Confirmation Agreement includes the following Annexes: Annex CSSS documents cash settled single share swaps; Annex IS documents index swap transactions; Annex ISO documents index and share option transactions; Annex ETCIO documents cash-settled Exchange-traded Contract Index Options; and Annex DCSO documents Physically-settled Designated Contract Share Options. Annexes ETCIO and DCSO were previously published under the 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement.

    Annex IS
    Annex ISO
    Confirmation

  • 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement
    (published March 28, 2008)

    This new 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement is intended to document physically-settled share option transactions and cash-settled index option transactions that reference listed share options (Designated Contracts) and listed index options (Exchange-traded Contracts) on U.S. underliers. This Master Confirmation incorporates the 2002 Definitions and includes one General Terms Confirmation for Designated Contracts (Annex A) and Exchange-traded Contracts (Annex B), respectively, and is supplemented with a related Transaction Supplement for trade details.

  • Stand-alone 2007 Americas Master Variance Swap Confirmation Agreement
    (published March 28, 2008)

    This Stand-alone Agreement is for use where parties, such as hedge funds, do not have an equity Master Confirmation in place, but wish to take advantage of the Master Confirmation approach for index and share variance swap transactions.

  • Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement
    (Nothis supersedes the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement published on March 29, 2004)

    The 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement was updated on August 11, 2006. A blackline is available to show updates from the March 29, 2004 version.

    Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement
    Blackline Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement

  • 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement and March 2004 Canadian Supplement to the Master Confirmation

    The 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement (the "Master Confirmation") covers Index Options, Index Swaps and Index Basket Swaps, Share Options, and Share Swaps and Share Basket Swaps on U.S. underliers. ISDA has also published the March 2004 Canadian Supplement to the Master Confirmation for transactions on Canadian underliers. The publication of this Master Confirmation is intended to encourage wholesale adoption of the 2002 ISDA Equity Derivatives Definitions (the "2002 Definitions") and to simultaneously address large numbers of unsigned equity derivatives confirmations amongst the dealer community. This Master Confirmation is not intended to be a master confirmation for OTC equity derivative transactions with entities that are not dealers, as many dealers' elections under the 2002 Definitions differ depending on the particular risks that they are hedging. The Master Confirmation, which dealers will enter into bilaterally, incorporates the 2002 Definitions, is subject to the applicable ISDA Master Agreement between such dealers, includes four General Terms Confirmations (each an Annex) with agreed upon house elections, and is supplemented with a related Transaction Supplement including trade details. Dealers may also agree on a bilateral basis to subject outstanding trades to the Master Confirmation on a retroactive basis.


    2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement
    March 2004 Canadian Supplement to the Master Confirmation

  • 2009 Pan-Asia Interdealer Master Equity Derivatives Confirmation Agreement
    (published September 11, 2009 - updated February 23, 2010)The 2009 Pan-Asia Interdealer Master

    Equity Derivatives Confirmation Agreement includes Annex PAISS which documents Pan-Asia Interdealer Share Swaps in the countries specified and otherwise as agreed by the parties and Annex PAIIS which documents Pan-Asia Interdealer Index Swaps in the countries specified and otherwise as agreed by the parties.

    Annex PAISS
    Annex PAIIS
    Confirmation

  • Confirmations for Cash-settled Index Option Transactions and Confirmations for Physically-settled Share Option Transactions (for use in the Japanese Inter-Dealer Market)

    The Confirmations for the Cash-settled Index Option Transaction with respect to a Japanese Index and the Physically-settled Share Option Transaction with respect to Japanese Shares are designed to be used for the Japanese inter-dealer market.

  • 1996 ISDA Equity Derivatives Definitions

    The 1996 ISDA Equity Derivatives Definitions are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements. The Definitions are primarily an expansion of the 1994 ISDA Equity Option Definitions and cover a wider range of basic transactions and include provisions that allow parties to modify or tailor the basic transactions to reflect common variations. The purpose of these Definitions is to provide the basic framework for the documentation of an OTC equity derivative transaction and parties may find these Definitions a useful starting point when drafting a confirmation for a more exotic product-type.

  • 1994 ISDA Equity Option Definitions

    The 1994 ISDA Equity Option Definitions are intended for use with the 1992 Master Agreements and confirmations of individual transactions governed by those Agreements. These Definitions reflect the terms of the two Long Form Confirmations (1992 OTC Equity Index Option Confirmation and 1994 OTC Single Share Option Transaction Confirmation) and includes a Short Form Confirmation for participants in the markets for OTC equity option transactions to document OTC equity and physically-settled single share options transactions.

  • 1994 Confirmation of OTC Single Share Option Transaction (Physical Settlement)

    The 1994 Confirmation of OTC Single Share Option Transaction is designed to facilitate the documentation of single share option transactions that settle by physical delivery.

  • 1992 Confirmation for OTC Equity Index Option Transaction

    The 1992 Confirmation for OTC Equity Index Option Transactions is designed to facilitate the documentation of equity index option transactions under the ISDA Master Agreement.

 


FX and Currency Option Definitions, Annex, Supplements and User's Guide

 

  • 1998 FX and Currency Option Definitions

    The 1998 FX and Currency Option Definitions are jointly published by ISDA, EMTA and the Foreign Exchange Committee and are intended for use in confirmations of individual transactions governed by (i) the 1992 ISDA Master Agreements; (ii) the International Foreign Exchange and Options Master Agreement ("FEOMA"), the International Foreign Exchange Master Agreement ("IFEMA") and the International Currency Options Market Master Agreement ("ICOM"), each published by the Foreign Exchange Committee in association with the British Bankers Association, the Canadian Foreign Exchange Committee and the Tokyo Foreign Exchange Market Practices Committee; and (iii) other similar agreements. The purpose of these Definitions is to provide the basic framework for the documentation of privately negotiated FX and currency option transactions, including those transactions previously documented under the 1992 ISDA FX and Currency Option Definitions. These Definitions are an expansion of the 1992 Definitions and cover a wider range of currencies and transactions. The most significant new concepts are the inclusion of certain Disruption Events and Disruption Fallbacks, which enable parties to a transaction to allocate certain event risks by providing an agreed-upon method for settling a transaction upon the occurrence of those events. These concepts may be applicable to certain currency transactions, such as those involving emerging market currencies. These Definitions consist of a booklet, which contains provisions that are not expected to change frequently, and a three-ring binder, which contains provisions that are expected to be supplemented as needed.

  • User's Guide to the 1998 FX and Currency Option Definitions

    The User's Guide to the 1998 FX and Currency Option Definitions provides a detailed explanation of the provisions of the 1998 FX and Currency Option Definitions, which are illustrated through the use of historical examples and flow charts. The User's Guide also highlights legal and market practice issues that parties should consider.

  • Compendium of Amendments to Annex A to the 1998 FX and Currency Option Definitions

    The Compendium includes all amendments to Annex A to the 1998 FX and Currency Option Definitions that were published electronically since June 20, 2001.

  • Revised Annex A to 1998 FX and Currency Option Definitions

    Annex A contains currency and currency spot rate definitions and other related definitions and provisions for use in documenting foreign exchange and currency option transactions, including non-deliverable transactions, under the 1998 Definitions.

    The revised Annex A, dated and effective September 25, 2000, incorporates all previously issued amendments to the March 1998 version of Annex A. In addition, obsolete rate source definitions have been deleted, several new rate source definitions have been added and modifications have been made to existing rate source definitions to render them more accurate.

    Other terms have been revised in the September 25, 2000 version of Annex A to better reflect market practice in the non-deliverable foreign exchange markets. Most notably, the definition of currency-reference dealers has been revised to differentiate between the polling procedures to be carried out when that term is used in the ordinary course to determine a settlement rate, as opposed to when that term is used as a fallback rate mechanism upon the occurrence of a market disruption. The definition of Specified Amount has also been revised.

  • Annex A to the 1998 FX and Currency Option Definitions

    Annex A to the 1998 FX and Currency Option Definitions, published in March 1998, supplements and forms part of the 1998 FX and Currency Option Definitions. Annex A, which is in the form of a three-ring binder, permits the inclusion of later supplements and amendments, contains currency and currency spot rate definitions and certain other related definitions and provisions.

  • 1992 FX and Currency Option Definitions

    These Definitions are designed to facilitate documentation of FX and currency option transactions under the 1992 Master Agreement (Multicurrency - Cross Border). Sample forms of confirmation are included. These Definitions have been superceded by the 1998 FX and Currency Option Definitions.

  • Vietnamese translation of FX Glossary
    (published April 25, 2011)

    The FX Glossary contains relevant provisions from the 1998 FX and Currency Option Definitions, as amended by the 2005 Barrier Option Supplement, for documenting the following transactions:

    a. Deliverable USD/VND FX spots, FX forwards and FX swaps,
    b. Deliverable USD/VND put and call currency options, and
    c. Deliverable USD/VND binary options.

  • Vietnamese translation of FX Confirmation templates
    (published April 25, 2011)

    The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:

    a. Deliverable USD/VND FX spots, FX forwards and FX swaps,
    b. Deliverable USD/VND put and call currency options,
    c. Deliverable USD/VND binary options,
    d. Deliverable and Non-Deliverable USD or VND interest rate swaps, and
    e. Deliverable and Non-Deliverable USD/VND cross currency swaps

 


ISDA Government Bond Option Definitions and Confirmations

 

  • 1997 ISDA Government Bond Option Definitions

    The 1997 ISDA Government Bond Option Definitions are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements. These Definitions are primarily an expansion and revision of the 1993 Confirmation of an OTC Bond Option Transaction (Long Form). They provide the basic framework for the documentation of an over-the-counter government bond option transaction. These Definitions expressly contemplate options in certain European government bonds, which are capable of cash settlement or physical settlement. Parties may find these Definitions a useful starting point when drafting a confirmation for an option transaction relating to non-European government bonds or corporate bonds.

  • 1993 Confirmation of OTC Bond Option Transaction

    The 1993 Confirmation of OTC Bond Option Transactions is designed to facilitate the documentation of bond option transactions that settle by delivery or for cash-settled bond options.

 


ISDA Interest Rate and Currency Derivative Definitions and Confirmations

 

  • 2006 ISDA Definitions

    The 2006 ISDA Definitions (the "2006 Definitions") are intended for use in confirmations of individual transactions governed by ISDA Master Agreements. The 2006 Definitions are an update of the 2000 ISDA Definitions (the "2000 Definitions") which many parties to privately negotiated derivative transactions have incorporated into existing Confirmations or other documents.

    The purpose of the 2006 Definitions is to provide the basic framework for the documentation of privately negotiated interest rate and currency derivative transactions. Although the 2006 Definitions were drafted with this purpose in mind, ISDA recognizes that parties documenting other types of privately negotiated derivative transactions might find it helpful to incorporate the 2006 Definitions into Confirmations for those transactions. Certain definitions and provisions of the 2000 Definitions (including the Rate Options and related provisions) that were anticipated to need periodic updating were published in the Annex to the 2000 Definitions. There is no Annex to the 2006 Definitions. All definitions and provisions of the 2006 Definitions, including the Rate Options and related provisions, are contained in the 2006 Definitions.

  • Blackline 2000 v 2006 ISDA Definitions
  • 2000 ISDA Definitions

    The 2000 ISDA Definitions (the "2000 Definitions") are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements. The 2000 Definitions are a consolidation and update of the 1991 ISDA Definitions, the 1998 Supplement to the 1991 ISDA Definitions and certain provisions of the 1998 ISDA Euro Definitions which many parties to privately negotiated derivative transactions have incorporated into existing confirmations or other documents.

    The purpose of the 2000 Definitions is to provide the basic framework for the documentation of privately negotiated interest rate and currency derivative transactions. Although the 2000 Definitions were drafted with this purpose in mind, parties documenting other types of privately negotiated derivative transactions might find it helpful to incorporate the 2000 Definitions into confirmations for those transactions.

  • Annex to the 2000 ISDA Definitions

    The 2000 Definitions may be updated or replaced in the future to include additional definitions and provisions. However, it is anticipated that day count fraction, currency and floating rate option definitions (and related definitions and provisions) will be added or changed from time to time as transactions involving rates and currencies not included in the 2000 Definitions become more prevalent and as necessary to reflect market practice.

  • NCU Supplement

    Currencies of member states of the European Union that adopted the euro as their new currency on January 1, 1999 had their national currencies cease to exist as currencies in their own right. Instead, for a limited transition period prior to their final disappearance on December 31, 2001, these currencies existed as distinct units of the euro ("national currency units"). Terms relating to national currency units are not reflected in the 2000 Definitions. However, ISDA has published the NCU Supplement to the 2000 Definitions (the "NCU Supplement") for use by parties that wish to document transactions involving one or more national currency units.

    The NCU Supplement contains definitions of the various national currency units, together with certain other provisions, including associated business day definitions, that may be relevant to transactions involving national currency units. The NCU Supplement does not contain definitions for any national currency unit floating rate options. Parties that wish to specify a national currency unit floating rate option (to the extent that such floating rate options are still being published) may wish to define that floating rate option in their confirmation or specify a floating rate option by reference to the 1998 Supplement to the 1991 ISDA Definitions.

  • 1998 Supplement to the 1991 ISDA Definitions

    The 1998 Supplement to the 1991 ISDA Definitions is an update of certain sections of the 1991 ISDA Definitions, which many participants engaging in privately negotiated derivatives transactions incorporate into existing confirmations or other documents. The Supplement covers a greater number of currencies and rates than the 1991 ISDA Definitions, and updates certain floating rate options to reflect changes in the nature of quotations since 1991. The 1998 Supplement is intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements. In addition to the expanded floating rate options section, the Supplement introduces new sections on negative interest rates, options and cash settlement. The negative interest rates provisions, incorporate language from ISDA's November 1995 Negative Interest Rate Memorandum and make the presumption that the negative interest rate method will apply to all transactions, excepting floors and certain FRAs already addressed in the 1991 Definitions, unless otherwise specified. The Options provisions address terms relevant to swaptions, and rights of optional early termination and break clauses, including calculating a cash settlement amount. The Supplement includes provisions for calculating a cash settlement amount and provides a number of alternative cash settlement methods, which reflect the variety of methods currently used in practice.

  • 1991 ISDA Definitions

    The 1991 ISDA Definitions are intended for use with the 1987 ISDA Interest Rate and Currency Exchange Agreement and 1992 ISDA Master Agreement (Multi-currency, Cross-Border). The Definitions provide a set of standard terms, including floating rate options, and the basis for calculating fixed and floating amounts, for incorporation in each transaction confirmation under the multi-currency documents. The 1991 Definitions are an expansion of the 1987 Interest Rate and Currency Exchange Definitions and include new definitions, additional currencies, certain provisions from the 1989 and 1990 Addenda, and exhibits depicting forms of telex or letter agreement that may be used as a confirmation for an individual transaction.

  • ISDA Publishes the Vietnamese translation of Rates Glossary
    (published April 25, 2011)

    The Rates Glossary contains relevant provisions from the 2006 ISDA Definitions, for documenting the following transactions:

    a. Deliverable USD or VND interes rate swaps,
    b. Deliverable USD/VND cross currency swaps,
    c. Non-Deliverable VND interest rate swaps, and
    d. Non-Deliverable USD/VND cross currency swaps.

  • ISDA Publishes the Vietnamese translation of FX Confirmation templates
    (published April 25, 2011)

    The templates, which are to be used in conjunction with the FX Glossary and the Rates Glossary, are designed to document the following types of transactions:

    a. Deliverable USD/VND FX spots, FX forwards and FX swaps,
    b. Deliverable USD/VND put and call currency options,
    c. Deliverable USD/VND binary options,
    d. Deliverable and Non-Deliverable USD or VND interest rate swaps, and
    e. Deliverable and Non-Deliverable USD/VND cross currency swaps

 


Property Index Derivatives Definitions

 

  • 2007 ISDA Property Index Derivatives Definitions and Forms of Confirmation

    The 2007 ISDA Property Index Derivatives Definitions are designed to facilitate individual property index derivatives transactions. The Definitions are designed to be global in application. Annex A, the Index Descriptions, set forth a compendium of indices and disclaimers associated with those indices. Annex A can be updated from time to time and will be republished periodically on ISDA"s website. There are also forms of Confirmations for total return swaps and forwards. Each transaction type has two confirmations to offer parties more flexibility in their elections.

 


ISDA Novation Agreement and User's Guide

 

  • 2004 ISDA Novation Definitions

    The 2004 ISDA Novation Definitions are intended to facilitate the documentation of the novation of transactions under the ISDA Master Agreement.

  • 2002 ISDA Novation Agreement

    The Novation Agreement is intended to be used in cases where two parties have entered into one or more Transactions and one of those parties subsequently transfers its rights, liabilities, duties and obligations to a new counterparty. A User's Guide accompanies the Novation Agreement.

  • User's Guide to the 2002 ISDA Novation Agreement

 


ISDA Protocols, EMU and Euro Materials and Guidebook

 

  • EMU Protocol

    The EMU Protocol is ISDA's innovative approach to providing parties with a structure that permitted them to multilaterally amend existing transactions governed by an ISDA Master Agreement in light of the EMU. The structure, which is supported through ISDA's web page, allowed parties to effect adjustments on a collective basis instead of through time consuming and costly bilateral negotiations.

  • 1998 ISDA Euro Definitions

    The 1998 ISDA Euro Definitions are primarily based on the provisions of the ISDA EMU Protocol, various euro price source definitions, standard price source conversion provisions; standard provisions to allow adjustments to equity derivative transactions, standard provisions to allow adjustments to bond options, and practice notes relating to the foregoing.

  • EMU Guidebook

    The ISDA EMU Guidebook is a 150-page guide outlining the basics of the changeover to the euro for money, FX, bond, equity and related derivatives transactions. The Guidebook explains the legal, documentation accounting, tax and risk management issues raised by the EMU. In addition, the Guidebook contains all the key EMU reference materials a practitioner would need, a guide to the back office and systems impact of EMU, a glossary of euro terms and comprehensive references. The European Monetary Institute, predecessor to the European Central Bank, has kindly provided a foreword to the Guidebook.

  • 1997 EMU Continuity Provision

    The Provision is intended for use in existing and future ISDA Master Agreements where the parties wish to document their intention that European economic and monetary union ("EMU") should not affect the continuity of their contract. The provision enable parties to confirm in their ISDA Master Agreement that the EMU will not give either party the unilateral right to walk away from, or modify the terms of, any transaction governed by the Agreement.

 


FpML 5 User Guide " 2012 Edition

 

  • FpML 5 User Guide " 2012 Edition

    The User's Guide to FpML 5 provides guidance to implementers about how FpML may be used to solve derivative market participants' application needs. It suggests applications for FpML, describes at a high level how to write FpML and provides guidance on related topics. The User's Guide has been developed for FpML 5. In most cases, concepts, applications and examples described in the User's Guide could be supported by previous versions of FpML.

 


FpML 4 User Guide " 2010 Edition

 

  • FpML 4 User Guide " 2010 Edition

    The User's Guide to FpML 4 provides guidance to implementers about how FpML may be used to solve derivative market participants' application needs. It suggests applications for FpML, describes at a high level how to write FpML and provides guidance on related topics. The User's Guide has been developed for FpML 4. In most cases, concepts, applications and examples described in the User's Guide could be supported by previous versions of FpML.

 


Miscellaneous ISDA Documents

 

  • ISDA Index of Terms

    The ISDA Index of Terms provides a central list of terms which are defined in a wide variety of ISDA definitional booklets and agreements across multiple asset classes. This reference book will be particularly useful for those who are new to the ISDA documentation architecture or who are trying to master multiple asset classes.

  • Pre-Confirmation Trade Notification

    The Pre-Confirmation Trade Notification is designed to provide counterparties with an alternative to document the main financial terms of a complex equity derivatives transaction while the details of a final confirmation are being prepared for transmission. This Pre-Confirmation Trade Notification is not required and does not take the place of a confirmation that contains all the terms of a transaction. The Pre-Confirmation Trade Notification may prove useful in situations where a trade has been executed but the confirmation is delayed for a variety of reasons.

  • 1995 Standard Terms and Conditions for Escrow Float Transactions

    The 1995 Standard Terms and Conditions for Escrow Float Transactions are intended for use in connection with escrow float transactions involving the investment at one or more future dates by a trustee or escrow agent, in government securities held by the trustee in trust or escrow to effect the repayment of bonds. The standard terms and related agreements into which they may be incorporated provide the trustee fixed returns from its investment of such principal and interest proceeds from the date of their receipt until the date they are needed to make bond payments.

SDR Reporting Governing All Trades

Please note that RBC utilizes DTCC Global Trade Repository ("DTCC GTR") for all reportable swaps trades.


The following terms and conditions govern your access to and use of the various documents published by International Swaps and Derivatives Association, Inc. ("ISDA") that are found on this website (each, an "ISDA Document" and collectively, the "ISDA Content").

All ISDA Documents are protected by copyright. No ISDA Document may be reproduced or distributed in any form (paper, electronic or otherwise) without the written permission of ISDA except the ISDA Master Agreements, the ISDA Credit Support Documents and the standardized General and Product Specific Risk Disclosures1 published by ISDA, which may be reproduced and distributed solely for use in documenting specific commercial transactions. In no event may any copyright or trademark notice be removed from any ISDA Document.

The ISDA Content is not intended to be, or to contain, legal advice. Before utilizing any instrument described in any of the ISDA Documents, you should consult your own attorney for legal advice in respect of such instrument and the provisions of the relevant ISDA Document(s). ISDA makes no warranty, express or implied, concerning the respective instruments" suitability for use in any particular transaction and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of these instruments.

ISDA, its officers, directors, employees, subcontractors, agents, successors or assigns (collectively "Covered Parties") shall not be liable to you for any loss, injury, claim, liability or damage of any kind whatsoever resulting from, arising out of or in any way related to: (a) any errors in or omissions from the ISDA Content; (b) your use of the ISDA Content; (c) your use of any equipment or software in connection with the ISDA Content; or (d) any delay or failure in performance. The aggregate liability of the Covered Parties to you in connection with any other claim arising out of or relating to the ISDA Content shall not exceed $500.00, which right shall be in lieu of all other remedies that you may have against ISDA. In no event shall the Covered Parties be liable for any special, indirect, incidental or consequential damages of any kind whatsoever (including, without limitation, attorneys" fees), lost profits or lost savings in any way due to, resulting from or arising in connection with the ISDA Content contained herein, regardless of any negligence of the Covered Parties.


1"General and Product Specific Risk Disclosures" means any of the following: General Disclosure Statement for Transactions; Disclosure Annex for Commodity Derivative Transactions; Disclosure Annex for Credit Derivative Transactions; Disclosure Annex for Equity Derivative Transactions; Disclosure Annex for Foreign Exchange Transactions; Disclosure Annex for Interest Rate Transactions; and Disclosure Annex for ABS Derivative Transactions.