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
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.
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.
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, 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.
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.
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