ISDA®
INTERNATIONAL SWAPS
AND DERIVATIVES ASSOCIATION
NEWS RELEASE
For Immediate Release
Tuesday, December 21, 2004
For More Information Contact:
Scott Marra, (212) 901-6000; smarra@isda.org;
or Jennifer Iannibelli, (914) 961 2436, ext. 12; jennifer@kennedycom.com
ISDA Publishes GTMA Annex
NEW YORK, Tuesday, DECEMBER
21, 2004 – The International Swaps and
Derivatives Association, Inc. (ISDA) has published new documentation that
permits the incorporation of UK Grid Trade Master Agreement (GTMA) terms into
trades documented under an ISDA Master Agreement.
The ISDA GTMA Annex is designed to document trades in the English physical electricity or power market and relates to the Grid Trade Master Agreement published by the Futures and Options Association. It provides terms that apply to transactions involving the purchase or sale of power or options on power. It permits users to bring such trades under their ISDA Master Agreement architecture and to make certain elections with respect to the Grid Trade Master Agreement.
The
Annex is ISDA's latest effort in relation to the
energy, commodities and developing products markets. Other recent initiatives
have facilitated the documentation of trades in the North American Gas and
Power markets and the EU Emissions market into the ISDA Master Agreement
framework. All new ISDA documentation relating to energy, commodities and other
developing product markets will be reflected in the revised ISDA Commodity
Definitions, which the Association anticipates publishing in 2005.
"The
Annex is part of a growing range of ISDA documentation initiatives in the
marketplace for energy, commodities and other newly traded products, reflecting
the Association's expanding role in this important product area," said
Robert Pickel, Chief Executive Officer and Executive Director of ISDA.
"The Annex further demonstrates ISDA's
commitment to these markets and their increasing importance to the ISDA
membership."
ISDA is the global trade association representing
leading participants in the privately negotiated derivatives industry. ISDA was
chartered in 1985, and today has more than 600 member institutions from 46
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.
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