INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC
NEWS RELEASE
For Immediate Release Monday, May 21, 2007
For More Information, Please Contact:
Scott Marra, ISDA New York, 212-901-6000, smarra@isda.org
Translation of ISDA’s 2002 Master Agreement into Korean
NEW YORK, Monday, May 21, 2007 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of a side-by-side English/Korean translation of ISDA’s 2002 Master Agreement.
The Master Agreement Translation is intended to serve as an educational reference tool and as a practical guide for public policy makers and market practitioners in relation to privately negotiated derivatives trades when the use of both English and Korean languages are required.
“ISDA is committed to promoting the efficient functioning of privately negotiated derivatives across the global reach of its membership,” said Robert Pickel, Executive Director and Chief Executive Officer, ISDA. “The translation of ISDA’s 2002 Master Agreement into Korean will facilitate the use of privately negotiated derivatives by Korean counterparties and enhance their ability to manage their business and financial risks.”
The 2002 Master Agreement – Korean Translation was prepared by ISDA’s counsel, Kim & Chang, under the support of ISDA’s Documentation Committee, ISDA’s Asia-Pacific Legal & Regulatory Committee and ISDA’s Asia-Pacific – Korea Working Group.
The English/Korean translation of ISDA’s 2002 Master Agreement is available at ISDA’s website: www.isda.org.
About the 2002 Master Agreement
Originally published in 1987 and revised in 1992, the 2002 ISDA Master Agreement is widely recognized as a groundbreaking document that has enabled the growth of the risk management industry by enhancing legal certainty and reducing credit risk. It establishes important international contractual standards, including those governing the netting of transactions between counterparties, and can be used to document a wide variety of transactions. Its importance to the global financial community has been described as “no less than the creation of global law by contractual consensus.” Reflecting its wide acceptance, the vast majority of privately negotiated derivatives transactions executed annually are documented under the ISDA Master.
About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has approximately 780 member institutions from 54 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.