The committee works toward the increased smooth functioning of the collateralization process of OTC derivatives transactions through its efforts in relation to standards and best practices, and collateral law reform efforts across the globe. The committee works through various working groups such as the Collateral Law Reform Group. Additional details of the working groups are provided below. The committee meets annually or more frequently as appropriate, and working groups meet regularly throughout the year.
- North America Chair: Michael Clarke (UBS)
- Europe Chair: Shaun Sheppard (Goldman Sachs)
- Japan Chair: Yusaku Manabe (Mitsubishi UFJ Securities)
- Europe & North America Staff Contacts: Julian Day (jday@isda.org)
- Japan Staff Contact: Tomoko Morita (tmorita@isda.org)
- Asia-Pacific Staff Contact: Jeffrey Kan (jkan@isda.org)
- For APAC Collateral Management details, please click here.
- ISDA Collateral Letters and Proposals for Feedback
- ISDA Collateral Guidelines; Collateral Asset Definitions; Glossaries and Misc. Guidance
- ISDA Margin Surveys
- ISDA Margin Provisions
- CSAs: Amendments; Additional Provisions and Protocols
- Credit Support Annexes - Canada
- Credit Support Annexes - Japan
- Collateral Data Standards
- Financial Law Reform
SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| Proposals: | ||
| ISDA Market Review of OTC Derivative Bilateral Collateralization Practices | Published as of March 1, 2010 | Collateral Market Review |
ISDA Independent Amount Whitepaper |
Finalized paper published as of March 1, 2010 First version of paper published as of October 22, 2009 |
Independent Amount Whitepaper - March 1, 2010 Independent Amount Whitepaper - October 22, 2009 |
ISDA Portfolio Reconciliation Best Practices and Minimum Market Standards |
Published as of January 20, 2010 |
|
| ISDA Portfolio Reconciliation Feasibility Study | ISDA publishes “Feasibility Study: Extending Collateralized Portfolio Reconciliations” Dec 2009 | ISDA Portfolio Reconciliation Feasibility Study |
| ISDA Collateral Roadmap - Electronic Messaging Document | Standardized Electronic Communication of Margin Calls and Interest Payments Paper published as of November 13, 2009 | Collateral Roadmap - Electronic Messaging |
ISDA Collateral Dispute Resolution Procedure, Implementation Guidelines, and Proposal Briefing |
Collateral Dispute Resolution Procedure and Implementation Guideline containing key implementation points for firms to consider when adopting the DR Procedure | |
| ISDA Collateral Dispute Resolution Protocol - Phase 2 Letter and Supporting Documents | The Phase 2 commentary period is now closed. An open Q&A session for the Dispute Resolution proposal hosted by ISDA was held on July 27, 2009. The entire transcript can be accessed via the link on the right. |
Letter Published Jul-15 |
| ISDA Collateral Dispute Resolution - Phase 1 Supporting Documents | Materials that supplement the Phase 1 Dispute Resolution proposal published in the June 2, 2009 Collateral Letter:
|
|
ISDA June Collateral Letter - Collateral Roadmap and Dispute Resolution Phase 1 |
Published 2 June 2009. The full Fed letter is available on the ISDA website via the following link: http://www.isda.org/c_and_a/oper_commit-addresources.html#frbny |
|
| ISDA March Collateral Letter - Revised Risk Based Threshold for Portfolio Reconciliation | Published March 31, 2009 |
ISDA Collateral Letter - March 31, 2009 |
| ISDA December Collateral Letter | Published December 31, 2008 The full October Fed letter referenced is available on the ISDA website via the following link:http://www.isda.org/c_and_a/oper_commit-addresources.html#frbny |
ISDA Collateral Letter - December 31, 2008 |
ISDA Collateral Guidelines; Collateral Asset Definitions; Glossaries and Misc. Guidance
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
ISDA Portfolio Reconciliation in Practice Paper |
Published - August 2008 |
|
| ISDA Best
Practice Guidance for Collateralized Portfolio Reconciliation Between
Derivative Market Professionals |
Published - July 2008 |
ISDA Best Practice Statement on Reconciling Collateralized Portfolios |
| 2005 ISDA Collateral Guidelines | Published - March 16, 2005 | 2005 ISDA Collateral Guidelines |
| ISDA Guidelines for Collateral Practitioners | 1998 | ISDA Guidelines for Collateral Practitioners (published in 1998) |
| Collateral Asset Definitions | ISDA published standard Collateral Asset Definitions - June 18, 2003 | ISDA Collateral Asset Definitions |
| ISDA Portfolio Reconciliation Working Group | Active ISDA working group | To join the working group, contact jday@isda.org |
| ISDA Glossary of Collateral Terms - Chinese Translation | Published – January 4, 2005 | ISDA Glossary – Chinese Translation |
| Guidance on UK Tax Issues Arising from the Use of the English Law Credit Support Annex | Appendix 2 of the 1998 Guidelines for Collateral Practitioners | Appendix 2 |
ISDA Margin Surveys
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| ISDA Margin Survey 2009 | April 22, 2009 | ISDA Margin Survey 2009 |
| ISDA Margin Survey 2008 | April 23, 2008 | ISDA Margin Survey 2008 |
| ISDA Margin Survey 2007 | June 18, 2007 | ISDA Margin Survey 2007 |
| ISDA Margin Survey 2006 | May 4, 2006 | ISDA Margin Survey 2006 |
| ISDA Margin Survey 2005 | April 4, 2005 | ISDA Margin Survey 2005 |
| ISDA Margin Survey 2004 | April 26, 2004 |
ISDA Margin Survey 2004 |
| ISDA Margin Survey 2003 | April 9, 2003 | ISDA Margin Survey 2003; ISDA 2003 Margin Survey Reports $719 Billion of Collateral in use; 70% Increase Over 2002 Levels |
| ISDA Margin Survey 2002 | November 12, 2002 | ISDA Margin Survey 2002; Press Release |
| ISDA Margin Survey 2001 | December 31, 2001 | ISDA Margin Survey 2001; Press Release 01/03/02 |
| ISDA Collateral Survey 2000 | November 11, 2001 | ISDA Collateral Survey 2000 |
| ISDA 1999 Collateral Review | 1999 | ISDA 1999 Collateral Review |
ISDA Margin Provisions
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| 2001 ISDA Margin Provisions | Published – May 15, 2000 | 2001 ISDA Margin Provisions; 2001 ISDA Margin Provisions Streamline Collateral Process |
| 2001 ISDA Margin Provisions (Update) | Issued – March 28, 2002 | Erratum to Part 4 of the 2001 ISDA Margin Provisions |
| User’s Guide to the 2001 ISDA Margin Provisions | Published – November 5, 2001 | User’s Guide to the 2001 ISDA Margin Provisions |
CSAs: Related Amendments; Additional Provisions and Protocols
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| ISDA Credit Support Annexes | Published | |
| Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law) in connection with the 2002 ISDA Master Agreement - addition of Close-out Amount and the deletion of Market Quotation and Loss | May 2, 2003 | Form of Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law) |
| Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law) in connection with the 2002 ISDA Master Agreement - addition of Close-out Amount and the deletion of Market Quotation and Loss | May 2, 2003 | Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law) |
| 2001 ISDA Credit Support Protocol | Published – August 1, 2001 | ISDA Opens "2001 ISDA Credit Support Protocol" |
Credit Support Annexes - Canada
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| ISDA Credit Support Annex & Instructions - Ontario Law | Published – March 2002 | ISDA Credit Support Annex; Instructions |
| Instructions and Additional
Provisions for use of the ISDA Credit Support Annex (New York law)
with a Quebec Counterparty Update - Legal Opinion Supporting Instructions and Additional Provisions for the use of ISDA Credit Support Annex (New York law) with a Quebec counterparty |
Published - February 11, 2005 |
Instructions
and Additional Provisions For Members Only: Legal Opinion link |
Credit Support Annexes - Japan
| SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| Amendment to the English Law (Transfer) CSA and New York Law CSA regarding withholding tax on JPY held as collateral | Published - August 9, 2004 | Form of Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law) and; Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law) |
Collateral Data Standards
SUBJECT |
STATUS |
AVAILABLE
DOCUMENTS |
| Electronic Data Interchange Collateral Working Group | Published Deliverable 1 – April 4, 2003 | Minimum data requirements specification sample output in Microsoft Excel format |
| Electronic Data Interchange Collateral Working Group | Published Deliverable 2 – April 4, 2003 | xml specification including a sample output in xml format |
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Last Updated: March 1, 2010 |