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ISDA's Subscriber Membership category is designed for corporations, financial institutions and government entities and others who use privately negotiated derivatives to better manage financial risks. Subscriber Membership provides a forum for these industry participants to stay abreast of and contribute to important developments and initiatives. For the purpose of assessing dues, Subscriber Members fall into four classes. Please note that the distinction is made solely for dues assessment and does not affect a Subscriber Member's privileges. The first of the classes is for non-dealer Regulated Banks subject to rules on regulatory capital similar to those developed by the Basel Committee on Banking Supervision pursuant to adoption or implementation of those rules at national level. Membership for such institutions provides them with access to ISDA's netting opinions, a key credit-risk reduction tool. The second is Investment and Trading Firm. This class is for non-dealer financial firms, the derivatives-related activity of which is in connection with investing and trading for the firm’s own account or for the account of clients of the firm who are sophisticated investors. These firms or the funds that they manage may be, but are typically not, subject to regulation by banking, securities or insurance regulators. The third is Financial Company. This class is for corporations, partnerships, government agencies or other entities, the principal business or businesses of which are primarily financial in nature. These firms or the principal activities in which they engage are typically subject to regulation by banking, securities or insurance regulators, and a substantial number of their clients or customers may not be sophisticated investors. The fourth, Subscriber, is for all other derivatives end-users. First-year dues for Subscriber Members are prorated to reflect the timing of their entry into the Association.
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