ISDA Master Agreements, User's Guides and Related Documents
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2002 ISDA Master Agreement (Multicurrency-Cross Border) This Agreement updates the 1992 ISDA Master Agreements and is used to document transactions between parties in different jurisdictions and/or transactions involving different currencies. The Agreement adds several new provisions, including: a new measure of damages provision, Close-out Amount, which replaces Market Quotation and Loss in the 1992 ISDA Master Agreements; a set-off provision in Section 6(f); Force Majeure Termination Event in Section 5(b)(ii); and consolidated interest and compensation provisions in Section 9. In addition, several provisions are amended, including a shortening of grace periods associated with some of the Events of Default in Section 5(a).... |
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Comparison between the 1992 and 2002 ISDA Master Agreement |
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User's Guide to the 2002 ISDA Master Agreement The User's Guide to the 2002 ISDA Master Agreements is designed to assist in the understanding and use of the 2002 ISDA Master Agreement, definitional booklets and forms of confirmation. This publication provides a detailed, section by section review of the provisions featured in the 2002 Master Agreement and how those provisions differ from those published in the 1992 Agreements. A comprehensive analysis of the 2002 ISDA Master Agreement's tax provisions is also offered, as well as a discussion of FpML, among other items. 1992 Master Agreement (Multicurrency - Cross Border) This Agreement is used to document transactions between parties located in different jurisdictions and/or transactions involving different currencies. The Agreement is designed, among other things, to facilitate cross-product netting and may be used to document a variety of derivative transactions. The 1992 Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda. ISDA also prepared a User's Guide to assist in the understanding and use of this document. 1992 Master Agreement (Local Currency Single Jurisdiction) This Agreement is used to document transactions between parties located in the same jurisdiction and transactions involving one currency. The Agreement is designed, among other things, to facilitate cross-product netting and may be used to document a wide variety of derivatives transactions. The 1992 Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda. ISDA also prepared a User's Guide to assist in the understanding and use of this document. User's Guide to the 1992 ISDA Master Agreements The User's Guide to the 1992 ISDA Master Agreements is designed to assist in the understanding and use of the 1992 ISDA Master Agreements, definitional booklets and forms of confirmation. This publication provides a detailed, section by section review of the provisions featured in the 1992 Master Agreements and how those provisions differ from those published in the 1987 Agreements, as well as tax matters, issues relating to set-off and new technologies. ISDA/IIFM Tahawwut Master Agreement The ISDA/IIFM Tahawwut Master Agreement is a global master agreement for transactions in Islamic derivatives. The document provides the first standard contract document for cross-border transactions in Shariah-compliant derivatives. Like the ISDA 2002 Master Agreement on which it is based, the ISDA/IIFM Tahawwut Master Agreement is a multiproduct framework agreement. The document has been drafted with a view to documenting commodity murabaha-based Islamic profit-rate and currency swaps. Confirmation templates will be produced in due course. Explanatory Memorandum relating to the ISDA/IIFM Tahwwut Master Agreement Form of Amendment to 1992 ISDA Master Agreement (March 2003)" This Form of Amendment, published in March 2003, allows firms to amend on a bilateral basis various sections of the 1992 ISDA Master Agreement (Multicurrency-Cross Border). The Amendment adds Close-out Amount, the new measure of damages in the 2002 ISDA Master Agreement, and deletes Market Quotation and Loss as well as making other corollary changes. Cover Letter to Form of Amendment to 1992 ISDA Master Agreement (March 2003) This Cover Letter can be sent to a counterparty with the Form of the Amendment. It briefly discusses some of the benefits of executing the Amendment. Form of Amendment - 1992 ISDA Master Agreement (October 2001) This Form of Amendment, published in October 2001, allows firms to amend on a bilateral basis various sections of the 1992 ISDA Master Agreement (Multicurrency-Cross Border). Strategic Documentation Review Opinions (available to members only), Amendments, Incorporation Language, Commentary and Memorandum to Members are available on ISDA's Website. Commentary on the Form of Amendment to ISDA Master Agreement (October 2001) Brazilian Portuguese Translation of 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Brazilian Portuguese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Brazilian Portuguese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 2002 ISDA Master Agreement to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 2002 ISDA Master Agreement to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. Traditional Chinese Character Translation of the User's Guide to the ISDA Master Agreements These translations of the User's Guide to the 1992 ISDA Master Agreements in traditional Chinese is intended to assist in the understanding and use of the 1992 ISDA Master Agreements, definitional booklets and forms of confirmation. These publications provide a review of the provisions featured in the 1992 Master Agreement and how they differ from those published in the 1987 Agreements, as well as tax matters, issues relating to setoff and new technologies. Simplified Chinese Character Translation of the User's Guide to the ISDA Master Agreements These translations of the User's Guide to the 1992 ISDA Master Agreements in simplified Chinese is intended to assist in the understanding and use of the 1992 ISDA Master Agreements, definitional booklets and forms of confirmation. These publications provide a review of the provisions featured in the 1992 Master Agreement and how they differ from those published in the 1987 Agreements, as well as tax matters, issues relating to setoff and new technologies. Greek Translation of 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Greek has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. French Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) ( published April 25, 2011 ); This translation of the 2002 ISDA Master Agreement to French has been prepared for educational purposes only. Indonesian Translation of 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Bahasa Indonesian has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. Japanese Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Japanese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Japanese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. Korean Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Korean has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Spanish has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. Vietnamese Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) This translation of the 2002 ISDA Master Agreement to Vietnamese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. 2002 ISDA Energy Agreement Bridge The Energy Bridge, which is based on the 2001 ISDA Cross-Agreement Bridge is intended to permit a party, upon the occurrence of a designated Bridging Event with respect to the other party, to close out transactions under the ISDA Master Agreement and transactions under designated other agreements. Net close-out amounts under the Bridged Agreements are incorporated into Section 6(e)'s close-out calculation under the ISDA Master Agreement as Unpaid Amounts. Commentary on 2002 ISDA Energy Agreement Bridge A Commentary to the 2002 ISDA Energy Bridge is also provided. The Commentary analyzes the provisions of the 2002 ISDA Energy Bridge and highlights some of the benefits of the approach. 2001 ISDA Cross-Agreement Bridge The 2001 ISDA Cross-Agreement Bridge provides parties to an ISDA Master Agreement with the means of achieving cross-product netting. Parties are able, in certain circumstances, to terminate transactions documented under other industry-standard agreements and to incorporate the net close-out amounts calculated in respect of those transactions within the close-out provisions of their ISDA Master Agreement. |
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1997 Amendment to Acknowledge Commercial Paper Rate Changes ISDA has drafted language that can be used to amend the ISDA Master Agreement to clarify that references to the Commercial Paper rates that currently appear in the Federal Reserve Board's H.15 (519) statistical release will be deemed to be references to Non-financial Commercial Paper rates that appear in the modified H.15 Release. |
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The contractual provisions contained in this document create a bridge between the 1987 or 1992 ISDA Master Agreements and swap transactions entered into using BBAIRS terms or forward rate agreements entered into using FRABBA terms. |
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This Representation Regarding Relationship Between Parties may be used in existing and future ISDA Master Agreements where the parties wish to document their understanding of the nature of their relationship. The relationship described in the representation is the one most frequently encountered in the wholesale financial markets. The representation should be included only when it accurately reflects how the parties are acting, their capabilities and the nature of their relationship. |
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This amendment is designed to assist parties in converting outstanding 1987 Agreements from limited two-way payments to full two-way payments. |
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This amendment is designed to assist parties in converting outstanding 1987 Agreements from limited two-way payments to full two-way payments. |
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This Addenda enables swap counterparties to include caps, collars and floors and similar products under the 1987 Agreements. A Commentary on the use of the Addenda is included. The necessary provisions for documenting these transactions are included in the 1992 Agreements and 1991 ISDA Definitions (except those provisions noted in the 1992 User's Guide to the Master Agreements). |
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This Agreement is used to document currency swaps and interest rate swaps in fifteen currencies (including US dollars). The Agreement does not incorporate the 1986 Code, but contains substantially identical provisions. The 1991 Definitions were developed for use with this Agreement. |
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This Agreement is used to document US dollar-denominated interest rate swaps. It is intended for use with the 1986 Code and incorporates the Code by reference. The 1992 ISDA Master Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda, as well as other types of OTC derivatives. |
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The 1987 ISDA User's Guide to the Standard Form Agreements describes how the 1987 Agreements can be used to document interest rate swaps, currency swaps and cross-currency interest rate swaps. The User's Guide provides an overview of how to use the two forms, which differ principally in the type of transactions to which each is suited. The User's Guide also contains a section by section description of the provisions contained in the Agreements. The User's Guide highlights items parties must complete, optional provisions and the use of the 1986 Code and 1987 Interest Rate and Currency Exchange Definitions in conjunction with the 1987 Agreements. |
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This Code represents ISDA's initial effort to standardize and simplify documentation for US dollar-denominated interest rate swaps. The Code covers subjects as diverse as compounding of floating amounts, default and termination events, standard representations, covenants and cross-border and tax-related matters. |
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This Code represents ISDA's initial effort to standardize and simplify documentation for US dollar-denominated interest rate swaps. The Code covers subjects as diverse as compounding of floating amounts, default and termination events, standard representations, covenants and cross-border and tax-related matters. |
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