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.

How to Join

ISDA Collateral Letters and Proposals
SUBJECT
STATUS
AVAILABLE DOCUMENTS
Proposals:

Asia Pacific Collateralized Portfolio Reconciliation Memorandum of Understanding

Published as of January 3, 2011

Asia Pacific Collateralized Portfolio Reconciliation Memorandum of Understanding

ISDA Best Practices for the OTC Derivatives Collateral Process Published as of June 30, 2010 Best Practices for the OTC Derivatives Collateral Process
2010 ISDA Roadmap for Collateral Management Published as of April 16, 2010 2010 ISDA Roadmap for Collateral Management - April 15, 2010
ISDA Portfolio Reconciliation Feasibility Study Implementation Plan Published as of April 15, 2010

Feasibility Study Implementation Plan: Extending Collateralized Portfolio Reconciliations - April 12, 2010

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

  1. Portfolio Reconciliation - Best Operational Practices - January 19, 2010
  2. Minimum Market Standards for Collateralized Portfolio Reconciliation Edition 1.0 - 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
  1. ISDA 2009 Dispute Resolution Procedure
  2. Implementation Guidelines to ISDA 2009 Dispute Resolution Procedure
  3. ISDA Collateral Committee Dispute Resolution Proposal Briefing
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

Transcript of the Dispute Resolution Q&A Session

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:

  1. Presentation version of the Phase 1 Dispute Resolution proposal
  2. Document containing ancillary information to the Phase 1 Dispute Resolution proposal
  3. Public Commentary submitted in response to the Phase 1 Dispute Resolution Protocol
  1. Phase 1: Presentation Published
  2. Phase 1: Supporting commentary
  3. Phase 1: Public commentary feedback
 

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:
oper_commit-addresources.html#frbny

ISDA Collateral Letter - June 2, 2009

Collateral Roadmap Timeline as of August 4, 2009

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:
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 Portfolio Reconciliation in Practice Papers

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 2010 April 22, 2010 ISDA Margin Survey 2010
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

ISDA Credit Support Annexes

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



Published - December 23, 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: January 3, 2011