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ISDA Commodity Definitions, Exhibits Annexes and Confirmations (including Bullion)
 
Commodity Derivatives Definitions and Users Guide

2005 ISDA Commodity Definitions and User's Guide to the 2005 ISDA Commodity Definitions
(published June 30, 2005)

(NOTE: The Exhibits are available in electronic format only so when you order the hard-copy package the Exhibits will be sent to you in PDF format on a disk and the Definitions and User’s Guide will be sent in hard copy format)

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The User's Guide to the 2005 ISDA Commodity Definitions (Sold separately)

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1993 ISDA Commodity Derivatives Definitions

(Please refer to 2005 ISDA Commodity Definitions)

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2000 Supplement to the 1993 ISDA Commodity Derivatives Definitions

(Please refer to 2005 ISDA Commodity Definitions)

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1997 ISDA Bullion Definitions

(Parties may also refer to Sub-Annex B of the 2005 ISDA Commodity Definitions)

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1997 ISDA Short Form Bullion Definitions

(Parties may also refer to Sub-Annex B of the 2005 ISDA Commodity Definitions)

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Commodity Supplements, Confirmations and Matrix

Cinergy Hub Annex

To facilitate the changes at CinHub as of January 2012 EEI and ISDA have developed standardised language for use in bilateral amendment letters.

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Supplement to Sub-Annex A to the 2005 ISDA Commodity Definitions
(published May 12, 2006)

ISDA is publishing this new Commodity Reference Price in connection with a Best Practices Statement for Certain Energy Transactions dated May 12, 2006 (available under the Energy, Commodities and Developing Products Committee webpage). The Best Practices Statement relates to OTC derivatives transactions affected by the NYMEX’s discontinuation of its New York Harbor Unleaded Gasoline ("HU") futures contract and ISDA’s recommended replacement with the NYMEX’s reformulated gasoline blendstock for oxygen blending futures contract ("RBOB").

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Amendment Agreement to the ISDA Master Agreement and Letter Agreement relating to the 2005 ISDA Commodity Definitions
(published June 23, 2005)

The Amendment Agreement and the Letter Agreement each offer firms the ability to agree to substitute references to the 1993 ISDA Commodity Derivatives Definitions, the 2000 ISDA Supplement to the 1993 ISDA Commodity Derivatives Definitions and the 1997 ISDA Bullion Definitions with a reference in their Schedule or Confirmation to the 2005 ISDA Commodity Definitions. These documents are optional for parties to utilize as they determine to be appropriate.

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Click here to view/download word (format) - Side Letter


ISDA Commodities Documentation Matrix
(published July 30, 2010)

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Energy Bridge

2002 ISDA Energy Agreement Bridge and Commentary

The Energy Bridge, which is based on the 2001 ISDA Cross-Agreement Bridge is intended to permit a party, upon the occurrence of a designated Bridging Event with respect to the other party, to close out transactions under the ISDA Master Agreement and transactions under designated other agreements. Net close-out amounts under the Bridged Agreements are incorporated into Section 6(e)'s close-out calculation under the ISDA Master Agreement as Unpaid Amounts.

A Commentary to the 2002 ISDA Energy Bridge is also provided. The Commentary analyzes the provisions of the 2002 ISDA Energy Bridge and highlights some of the benefits of the approach.

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Commodity Products

London Gold Price - Amendment Agreement and Explanatory Statement
(published 17th February 2015)

The Bilateral form of Amendment Agreement for Certain Gold Transactions addresses the winding down by The London Gold Market Fixing Limited of the administration of the London Gold Fix, which is expected to take place in March 2015, with respect to Affected Transactions (as defined in the Form of Amendment Agreement). Please see the explanatory statement for further information.

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Bi-lateral Form of Amendment Agreement for Certain Platinum and/or Palladium Transactions
(published November 26, 2014)

The Bi-lateral Form of Amendment Agreement for Certain Platinum Transactions and/or Certain Palladium Transactions addresses the winding down by the London Platinum and Palladium Fixing Company Limited of the administration of the Palladium Fix and the Platinum Fix with respect to Affected Transactions (as defined in Form of Amendment Agreement). Please see the explanatory statement for further information.

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Click here to view/download (PDF) - Explanatory Statement


Bi-lateral Form of Amendment Agreement for Certain Silver Transactions
(published 29th July 2014)
(updated version and blackline published 20th August 2014)

The Bi-lateral Form of Amendment Agreement for Certain Silver Transactions addresses the winding down by the London Silver Market Fixing Limited of the administration of the London Silver Fix on 14 August 2014 with respect to Affected Transactions (as defined in Form of Amendment Agreement). Please see the explanatory statement for further information.An updated form of amendment agreement was published on 20th August 2014, to update certain references in the new silver price definition. An explanation of the changes is contained in the document entitled "LBMA Silver Price updated references" and a blackline of the updated amendment agreement highlights the intended references.

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Click here to view/download pdf (format) - Blackline of the updated Amendment Agreement
Click here to view/download word (format) - Amendment Agreement
Click here to view to view/download word (format)- explanatory statement.
Click here to view/download the LBMA Silver Price updated references


ISDA North American Crude Oil and Refined Petroleum Products Annex and Canadian Addendum
(published June 8, 2010)

ISDA published a 2010 version of the U.S. Crude Oil and Refined Petroleum Products Annex and Canadian Addendum to the ISDA Master Agreement to facilitate physical trading in U.S. pipeline crude oil, refined petroleum products plus liquefied petroleum gas (LPG) and natural gas liquids (NGL). The Annex also covers in-tank as well as tank-to-tank transfers and excludes waterborne deliveries.

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Click here to view blackline - June '10 Annex v June '08 Annex
Click here to view/download word (format) - Confirmation
Click here to view blackline - June '10 Confirmation v June '08 Confirmation
Click here to view/download word (format) - Canadian Addendum


ISDA U.S. Crude Oil and Refined Petroleum Products Annex and Confirmation
(published June 18, 2008)
(revised version published June 8, 2010)

ISDA published the U.S. Crude Oil and Refined Petroleum Products Annex and form of Confirmation to the ISDA Master Agreement to facilitate physical trading in U.S. pipeline crude oil, refined petroleum products plus liquefied petroleum gas (LPG) and natural gas liquids (NGL). The Annex also covers in-tank as well as tank-to-tank transfers and excludes waterborne deliveries.

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Bi-Lateral Form of Supplement Agreement for Certain Natural Gas Transactions
(published November 25, 2008)

The Bi-lateral Form of Supplement Agreement for Certain Natural Gas OTC Transactions addresses NYMEX's change to its calendar days and its affect to the Pricing Date term with respect to Covered Transactions (as defined in Form of Supplement Agreement).

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Revised 2009 ISDA Global Physical Coal Annex
(revised version, published October 30, 2009)

The 2009 ISDA Global Physical Coal Annex is intended to facilitate the purchase or sale of physical coal (sourced in international markets as well as the US) on a spot or forward basis, or trading in options to purchase or sell physical coal. The ISDA Coal Annex allows market participants to enter into physical coal transactions, other physical commodity transactions and financial derivatives under one master agreement and enables these contracts to be netted under the netting provisions of the ISDA Master Agreement. The ISDA Coal Annex is based the Coal Annex on the Coal Trading Association’s (CTA) Master Coal Purchase and Sale Agreement for US sourced coal; the Edison Electric Institute’s (EEI) Coal Annex to the EEI Master Power Purchase and Sale Agreement, also for US coal; and globalCOAL’s Standard Coal Trading Agreement (SCoTA®) (for coal sourced outside the US) each of which is already in use in the coal markets. The 2009 revised ISDA Coal Annex reflects several changes that have been applied to the CTA and SCoTA agreements since the initial publication in 2007.

In addition to this, ISDA has published a suite of standard confirmation templates for forward and option transactions in International Coal and US Coal respectively. This format builds on the global scope of the Coal Annex. It offers users the option to document US Coal under Appendix 1 and International Coal under Appendix 2.  Appendix 2 incorporates by reference SCoTA terms including globalCOAL’s Relevant Standard Specifications which set out terms, conditions and quality standards based on local port rules.

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Click here to view/download pdf (format) - Confirmation Templates
Click here to view/download pdf (format) - Coal Annex


ISDA Global Physical Coal Annex
(published April 18, 2007)

(“ISDA Coal Annex”) for the purchase or sale of physical coal (sourced at origins in the US or outside the US) on a spot or forward basis, or for trading in options to purchase or sell physical coal.

Important Note for “International Coal”: For coal sourced at origins outside the United States (“International Coal”), the Standard Coal Trading Agreement published by globalCOAL® (“SCoTA®”) is incorporated by reference into Appendex 2 of the ISDA Coal Annex. globalCOAL Limited is the sole proprietor of any and all the intellectual property rights in, to, arising from and associated with each and all versions of the SCoTA. Express consent is required from globalCOAL Limited in order to make use of SCoTA in any manner, including the SCoTA terms incorporated by reference through Appendix 2 to the ISDA Coal Annex. Accordingly, if a party wishes to enter into transactions governed by Appendix 2 of the ISDA Coal Annex, before doing so it must accept and therefore enter into the globalCOAL Limited licensing scheme, which is available at http://www.globalcoal.com/

(This form, published on March 18, 2007 is superseded by the October 30, 2009 publication.)

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ISDA GTMA Annex (UK Power)

The ISDA GTMA Annex is designed to document trades in the English physical electricity or power market. The GTMA Annex relates to the Grid Trade Master Agreement published by the Futures and Options Association and 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.

(Parties may also refer to Sub-Annex G of the 2005 ISDA Commodity Definitions)

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North American Power Annex

The North American Power Annex is intended to facilitate the purchase, sale or transfer of electric capacity and is structured as an Annex to the Schedule to the ISDA Master Agreement. The Power Annex was jointly developed with the Edison Electric Institute and offers market participants the ability to enter into physical power purchases and sales as well as financial derivative transactions under an ISDA Master Agreement.

(Parties may also refer to Sub-Annex F of the 2005 ISDA Commodity Definitions)

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European Gas Annex (NBP Only) (Version 1: 10 September 2015)

The European Gas Annex is intended to be used to document physical gas transactions under either the 2002 ISDA Master Agreement or the 1992 ISDA Master Agreement. The European Gas Annex ties physical gas transactions under the Notional Balancing Point (NBP) and Zeebrugge Hub Natural Gas Trading Terms and Conditions (ZBT) contracts into Parts 6 and 7 of the Schedule to an ISDA Master Agreement. 10 September 2015 document was updated from previous versions in order to reflect the changes from 1997 NBP terms to the 2015 Short Term Flat NBP Trading Terms & Conditions.

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Click here to view/download (Word doc) - Revised ISDA European Gas Annex (NBP Only) (Version 1: 10 September 2015)
Click here to view/download (Word doc) - ISDA European Gas Annex NBP 97 to NBP 15 Change Letter (Version 1: 10 September 2015)


European Gas Annex (May 31, 2005) (updated version)

The European Gas Annex is intended to be used to document physical gas transactions under either the 2002 ISDA Master Agreement or the 1992 ISDA Master Agreement. The European Gas Annex ties physical gas transactions under the Notional Balancing Point (NBP) and Zeebrugge Hub Natural Gas Trading Terms and Conditions (ZBT) contracts into Parts 6 and 7 of the Schedule to an ISDA Master Agreement. The May 31, 2005 document was updated from the March 17, 2003 version in that ZBT Trading Terms and Conditions were revised and re-issued in 2004, so the ISDA documentation dated May 31, 2005 reflects those changes.

(Parties may also refer to Sub-Annex D of the 2005 ISDA Commodity Definitions)

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European Gas Annex (March 17, 2003)

The European Gas Annex is intended to be used to document physical gas transactions under either the 2002 ISDA Master Agreement or the 1992 ISDA Master Agreement. The European Gas Annex ties physical gas transactions under the Notional Balancing Point (NBP) and Zeebrugge Hub Natural Gas Trading Terms and Conditions (ZBT) contracts into Parts 6 and 7 of the Schedule to an ISDA Master Agreement. This approach allows these contracts to be netted out under the netting provisions of either ISDA Master Agreement in an Event of Default.

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Click here to view/download pdf (format) - Gas Annex - 2002
Click here to view/download pdf (format) - Gas Annex - 1992


The ISDA North American Gas Annex

The North American Gas Annex (the Annex) and Canadian Addendum are designed to document trades in the U.S. and Canadian physical gas markets. The Annex permits market participants to document trades in a manner consistent with the approach taken by the North American Energy Standards Board (NAESB), a widely used industry standard for physical gas purchases and sales in the North American markets. The Annex provides terms that apply to transactions involving the purchase or sale of physical gas or options on physical gas. It permits users to bring such trades under their ISDA Master Agreement architecture and to elect to incorporate existing credit support arrangements. Users may also elect the product-specific physical delivery terms, which follow those provisions in the NAESB documentation.

(Parties may also refer to Sub-Annex E of the 2005 ISDA Commodity Definitions)

The 2009 Amendment Addendum constitutes an Addendum to the ISDA North American Gas Annex, supplements and amends the ISDA North American Gas Annex for the use with the 2006 version of the NAESB contract.

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Click here to view/download pdf (format) - Canadian Addendum
Click here to view/download pdf (format) - 2009 Amendment Addendum
Click here to view/download word (format) - Confirmation template


ISDA US Wind Event Confirmation
(published May 19, 2009)

The ISDA US Wind Event Confirmation template facilitates the documentation of the natural catastrophe swaps referencing US Wind Events.

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Confirmation of an OTC Weather Index Swap Transaction (REVISED VERSION-now includes CPD and CDD)

This long-form Confirmation of an OTC Weather Index Swap Transaction is intended to address Heating Degree Day, Critical Precipitation Day and Cooling Degree Day transactions and supplements and forms part of the ISDA Master Agreement. The Confirmation addresses disruption events that may occur in the collection of meteorological data and acknowledges multiple data providers of such data by offering 28 different Meteorological Offices in a Definitions Appendix.

(Parties may also refer to Sub-Annex C of the 2005 ISDA Commodity Definitions)

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Click here to view/download word (format) - Definitions Appendix


Confirmation of OTC Weather Index Put Option/Floor

This long-form Confirmation of an OTC Weather Index Put Option/Floor Transaction is intended to address Heating Degree Day, Critical Precipitation Day and Cooling Degree Day transactions and supplements and forms part of the ISDA Master Agreement. The Confirmation addresses disruption events that may occur in the collection of meteorological data and acknowledges multiple data providers of such data by offering 28 different Meteorological Offices in Definitions Appendix.

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Form of CPD Weather Index Appendix, Form of CDD Weather Index Appendix and Form of HDD Weather Appendix


Confirmation of an OTC Weather Index Swap Transaction

This long-form Confirmation of an OTC Weather Index Swap Transaction is intended to address Heating Degree Day transactions and supplements and forms part of the ISDA Master Agreement. The Confirmation addresses disruption events that may occur in the collection of meteorological data and acknowledges multiple data providers of such data by offering 28 different Meteorological Offices in a Definitions Appendix.

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Click here to view/download word (format) - Definitions Appendix
Click here to view/download word (format) - Weather Index Appendix - HDD


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Revised US Emissions Allowance Transaction Documents
(published September 2, 2010)

The U.S. Emissions Allowance Transaction Annex to the ISDA Master Agreement together with a confirmation template are intended to apply to transactions for the purchase, sale or exchange of an emissions product on a spot ("Immediately-Delivered Emissions Transaction") or forward basis, or as option to purchase, sell or exchange of an emissions product. The new publication is structured as an annex to the ISDA Master Agreement Schedule.  Emissions products covered by the Annex include emissions of nitrogen oxide; emissions of sulfur dioxide and any emissions allowance or credit created under a US regional carbon dioxide trading schemes and voluntary emissions products. The list of emissions products covered by the Annex is designed to be updated as new emissions products, such as renewable energy credits, gain liquidity in the market.

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US Emissions Allowance Transaction Documents
(published December 21, 2006)

(This form, published December 21, 2006 is superseded by the US Emissions Allowance Transaction Documents published September 2, 2010.)

The U.S. Emissions Allowance Transaction Annex to the ISDA Master Agreement together with a confirmation template are intended to apply to transactions for the purchase, sale or exchange of an emissions product on a spot ("Immediately-Delivered Emissions Transaction") or forward basis, or as option to purchase, sell or exchange of an emissions product. The new publication is structured as an annex to the ISDA Master Agreement Schedule. Emissions products covered by the Annex include Carbon Financial Instruments (CFIs) traded on the Chicago Climate Exchange; emissions of nitrogen oxide; emissions of sulfur dioxide and any emissions allowance or credit created under a U.S. state cap-and-trade program. The list of emissions products covered by the Annex is designed to be updated as new emissions products, gain liquidity in the market.

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EU Emissions Allowance Documentation Document (incorporating options) (Version 5) (Modified for EU ETS Phase 3 delivery) published May 23, 2012
(published February 11, 2008)

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Form of Part [7] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions (incorporating options)(Version 5)(Version: May 2012)(Modified for Phase 3 delivery)


EU Emissions Allowance Transaction Document: Version 2.5 and Version 4 (including options) modified for Phase 2 delivery
(published February 11, 2008)

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  1. Part [6] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions (Version 4) (incorporating options)
  2. Part [6] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions (Version 2.5)
  3. Additional Provisions for EU Emissions Allowance Transactions and Amendment Agreement (Published December 2, 2011)
  4. Additional Provisions for EU Emissions Allowance Transactions for delivery in Phase 2, during and following migration to Union Registry (Published June 26, 2012)

EU Emissions Allowance Transaction Documents: Version 3 also adds Options and Forwards
(published September 26, 2006)

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  1. Part [6] to the Schedule (Version 3)
  2. Confirmation of OTC Physically Settled EU Emissions Allowance Option
  3. Confirmation of OTC Physically Settled EU Emissions Allowance Forward

EU Emissions Allowance Transaction Document (Version 2-March 28, 2006)

The EU Emissions Allowance Transaction document is intended for use in privately negotiated, physically settled transactions in European Union emissions allowances. The document is intended to be adopted as part of a Schedule to an ISDA Master Agreement and is the latest product of industry efforts to harmonize documentation approaches with other association-sponsored documentation. Version 2 includes new wording for situations in which parties wish to allocate the risk of Excess Emissions Penalties (EEP) being incurred as a result of a Seller's failure to deliver Allowances, as well as a new set of provisions providing an alternative method for addressing delivery failures ("Failure to Deliver (Alternative Method)"), including the treatment of EEP. The inclusion of these new provisions increases the flexibility of the ISDA document and allows for considerably more elections by the parties: for example as to whether an EEP Risk Period should apply to limit the applicability of the new EP provisions and/or "EEP Equivalent" should apply to expand the standard EEP provisions.

Parties to an EU Emissions Allowance Transaction may continue to use the existing form of ISDA emissions document published on June 2, 2005.

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EU Emissions Allowance Transaction Documents (June 2, 2005)

The EU Emissions Allowance Transaction documents are intended for use in privately negotiated, physically settled transactions in European Union emissions allowances. The two documents are: (i) a form of Part [6] to the Schedule to an ISDA Master Agreement for EU Emissions Allowance Transactions and (ii) a form of Confirmation of OTC Physically Settled EU Emissions Allowance Transaction (Short Form). The ISDA documents are the product of efforts to harmonize documentation approaches with other association-sponsored documentation prepared by the European Federation of Energy Traders and the International Emissions Trading Association and to that degree, replace the long-form EU Emissions Allowance Confirmation that ISDA published on July 7, 2004.

(Parties may also refer to Sub-Annex H of the 2005 ISDA Commodity Definitions)

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Click here to view/download word (format) - Form of Confirmation


EU Emissions Allowance Confirmation (July 7, 2004)

The EU Emissions Allowance Confirmation is intended for use in privately negotiated, physically settled transactions in European Union emissions allowances (EU allowances). The emissions confirmation was designed to facilitate EU-allowance trading under the EU Emissions Trading Scheme (EU ETS), which becomes mandatory for certain industry sectors on January 1, 2005. The confirmation is designed to incorporate EU-allowance trading into the ISDA documentation architecture. It enables firms to utilize their ISDA Master Agreements and, later this year, the 2004 ISDA Commodity Definitions to trade EU allowances.

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