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

The 2005 ISDA Commodity Definitions, the Exhibits to the 2005 ISDA Commodity Definitions which include standard Confirmation templates, and the Annex to the 2005 ISDA Commodity Definitions, are intended for use with the ISDA Master Agreements, or other agreements, and are designed to be incorporated into Confirmations of individual commodity transactions governed by those agreements. The Commodity Definitions significantly update and expand upon the 1993 ISDA Commodity Derivatives Definitions and the 2000 Supplement to the 1993 Definitions, as well as incorporate the 1997 ISDA Bullion Definitions. The Commodity Definitions are for use by participants in privately negotiated commodity transactions including cash-settled commodity swaps, basis swaps, options, caps, collars, floors, swaptions and commodity index transactions, as well as certain physically-settled commodity transactions. A sample form of letter agreement constituting a Confirmation, together with specific provisions for use in Confirmations that document different types of commodity transactions, are included in the Exhibits. The Annex includes revised Commodity Reference Prices (in Sub-Annex A) together with additional definitions, other provisions and forms of Confirmation relevant to bullion transactions, weather index derivative transactions, European physical gas transactions, North American physical gas and power transactions, GTMA transactions, EU emissions allowance transactions and freight transactions (Sub-Annexes B-I).

The User's Guide to the 2005 ISDA Commodity Definitions is designed to assist in the understanding and use of the 2005 ISDA Commodity Definitions. This publication provides an overview of the structure of and highlights key features in the 2005 ISDA Commodity Definitions that mark changes from the 1993 ISDA Commodity Definitions, the 2000 Supplement to the 1993 Definitions and the 1997 ISDA Bullion Definitions. The User’s Guide also contains a discussion of the Commodity Reference Price Framework (with examples) and provides a schematic presentation of the operation of the Disruption Fallback waterfall.

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

The User’s Guide to the 2005 ISDA Commodity Definitions is designed to assist in the understanding and use of the 2005 ISDA Commodity Definitions. This publication provides an overview of the structure of and highlights key features in the 2005 ISDA Commodity Definitions that mark changes from the 1993 ISDA Commodity Definitions, the 2000 Supplement to the 1993 Definitions and the 1997 ISDA Bullion Definitions. The User’s Guide also contains a discussion of the Commodity Reference Price Framework (with examples) and provides a schematic presentation of the operation of the Disruption Fallback waterfall.

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.

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/

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)

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)

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.

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)

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

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, such as renewable energy credits, gain liquidity in the market.

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

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)

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

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.

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)

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.

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)

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)

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.

Confirmation of OTC Weather Index Call Option/Cap

This long-form Confirmation of an OTC Weather Index Call Option/Cap 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.

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.

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.

2000 Supplement to the 1993 ISDA Commodity Derivatives Definitions

The 2000 Supplement updates the 1993 ISDA Commodity Derivatives Definitions (the "1993 Definitions"). As is the case with the 1993 Definitions, the 2000 Supplement is designed for use by participants in the markets for commodity derivatives transactions in documenting cash-settled commodity swaps, options, caps, collars, floors and swaptions or other cash-settled commodity derivatives transactions as the parties desire. The 2000 Supplement also includes a significant number of additional commodity reference prices for energy, metals and paper.

In addition to an expanded commodity reference price section, the 2000 Supplement allows parties to incorporate price materiality into the price source disruption event defined in Section 7.4.
(Please refer to 2005 ISDA Commodity Definitions)

1993 ISDA Commodity Derivatives Definitions

The 1993 ISDA Commodity Derivatives Definitions are designed to facilitate the documentation of commodity transactions under the 1992 Master Agreements. Sample forms of confirmation are included.
(Please refer to 2005 ISDA Commodity Definitions)

1997 ISDA Bullion Definitions

The 1997 ISDA Bullion Definitions are jointly published by ISDA and LBMA and are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements to document cash-settled and physically-settled (on an unallocated basis) bullion spot and forward trades and options and cash-settled bullion swaps, caps, collars, floors and swaptions. Bullion, as used in these Definitions, means each of gold, silver, platinum and palladium.
(Parties may also refer to Sub-Annex B of the 2005 ISDA Commodity Definitions)