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ISDA Credit Support Documentation
 
Credit Support Annex and User's Guide

ISDA 2016 Phase One Credit Support Annex for Initial Margin (IM) (Security Interest - New York Law) with blackline against 1994 form

The 2016 Phase One Credit Support Annex for Initial Margin (IM) is an updated version of the 1994 ISDA Credit Support Annex (Security Interest - New York Law) that is limited to initial margin, and allows parties subject to regulatory margin requirements on September 1, 2016 ("Phase One Entities") to establish initial margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1994 CSA, this document serves as an Annex to the Schedule to the ISDA Master Agreement and creates a New York law security interest over collateral. The 2016 Phase One Credit Support Annex for Initial Margin (IM) has been designed specifically for use between Phase One Entities.

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2016 Phase One IM Credit Support Deed (Security Interest - English Law) with blackline against 1995 form

The 2016 Phase One IM Credit Support Deed allows parties subject to regulatory margin requirements on September 1, 2016 ("Phase One Entities") to establish initial margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1995 ISDA Credit Support Deed, this document is a stand-alone document (not an Annex to the Schedule) and creates an English law security interest over collateral. The 2016 Phase One IM Credit Support Deed has been designed specifically for use between Phase One Entities.

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ISDA 2016 Credit Support Annex for Variation Margin (VM) (Loan - Japanese Law) with blackline against 1995 and 2008 forms

The 2016 Credit Support Annex for Variation Margin (VM) is an updated version of the 1995 and 2008 ISDA Credit Support Annex (Japanese Law) that is limited to variation margin, and allows parties to establish variation margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1995 and 2008 forms, this document is a stand-alone document (not an Annex to the Schedule).

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Japanese Translation of the ISDA 2016 Credit Support Annex for Variation Margin (VM)(Loan - Japanese Law)

This translation of the ISDA 2016 Credit Support Annex for Variation Margin (VM)(Loan - Japanese Law) has been prepared for educational purposes only.

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ISDA 2016 Phase One Credit Support Annex for Initial Margin (IM) (Loan - Japanese Law) with blackline against 1995 and 2008 forms and the Trust Scheme Addendum

The 2016 Phase One Credit Support Annex for Initial Margin (IM) is an updated version of the 1995 and 2008 ISDA Credit Support Annex (Japanese Law) that is limited to initial margin, and allows parties subject to regulatory margin requirements on September 1, 2016 ("Phase One Entities") to establish initial margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1995 and 2008 forms, this document is a stand-alone document (not an Annex to the Schedule) and adopts the loan and set-off method. The 2016 Phase One Credit Support Annex for Initial Margin (IM) has been designed specifically for use between Phase One Entities.

The provisions set out in the Trust Scheme Addendum should be included as a new sub-paragraph in Paragraph 13 of the Japanese law Phase One Credit Support Annex for Initial Margin if a Collateral Management Agreement with respect to a party under the CSA as the Obligee is a trust agreement governed by Japanese law for the purposes of segregating Posted Credit Support (IM).

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ISDA Regulatory Margin Self-Disclosure Letter (June 30, 2016)

The ISDA Regulatory Margin Self-Disclosure Letter, published on June 30, 2016, is intended to assist market participants with the exchange of the information necessary to determine if, and when, their trading relationship will become subject to regulatory margin requirements for uncleared swaps in one or more of the following jurisdictions: (i) Canada, (ii) the European Union, (iii) Japan, (iv) Switzerland, and (v) the United States.

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Japanese Translation of the ISDA Regulatory Margin Self-Disclosure Letter

This translation of the ISDA Regulatory Margin Self-Disclosure Letter to Japanese has been prepared for educational purposes only.

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ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law) with blackline against 1995 form

The 2016 Credit Support Annex for Variation Margin (VM) is an updated version of the 1995 ISDA Credit Support Annex (Title Transfer - English Law) that is limited to variation margin, and allows parties to establish variation margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1995 CSA, this document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to English law.

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French Translation of ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law)

This translation of the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law) into French is published jointly by ISDA and the Federation Bancaire Francaise (FBF) for transactional use. When used together with the French language version of the AFB/FBF Addendum to the ISDA 2016 Credit Support Annex for Variation Margin (VM), it allows parties to enter into a French language variation margin agreement for use with the French law-governed AFB Master Agreements and FBF Master Agreements (as defined in the Addendum).

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AFB/FBF Addendum to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (English and French language versions available)

The AFB/FBF Addendum to the 2016 Credit Support Annex for Variation Margin (VM) (the "Addendum") is published jointly by ISDA and the Federation Bancaire Francaise (FBF). It allows the ISDA 2016 Credit Support Annex for Variation Margin (VM) to be used with French law-governed AFB Master Agreements and FBF Master Agreements (as defined in the Addendum). The Addendum is available for use both in English and in French.

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FBF/ISDA Master Pledge Agreement (IM) (English and French language versions available)

The FBF/ISDA Master Pledge Agreement (IM) is published jointly by ISDA and the Federation Bancaire Francaise (FBF). It allows parties to document an initial margin arrangement under the FBF/AFB Master Agreement to comply with margin regulations for non-cleared swaps. The document is based on the English law 2016 ISDA Phase One IM Credit Support Deed, and adapts the English law provisions to work with the FBF/AFB Master Agreement and to comply with French law. The Agreement is available for use both in English and in French.

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ISDA 2016 Credit Support Annex for Variation Margin (VM) (Security Interest - New York Law) with blackline against 1994 form

The 2016 Credit Support Annex for Variation Margin (VM) is an updated version of the 1994 ISDA Credit Support Annex (Security Interest - New York Law) that is limited to variation margin, and allows parties to establish variation margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1994 CSA, this document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to New York law.

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1994 ISDA Credit Support Annex (Security Interest - New York Law)

The 1994 ISDA Credit Support Annex allows parties to establish bilateral mark-to-market security arrangements. This document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to New York law.

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User's Guide to the 1994 ISDA Credit Support Annex

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1995 ISDA Credit Support Annex (Transfer - English Law)

The English Credit Support Annex allows parties to establish bilateral mark-to-market arrangements under English law relying on transfer of title to collateral in the form of securities and/or cash and, in the event of default, inclusion of collateral values within the close-out netting provided by Section 6 of the ISDA Master Agreement. The English Credit Support Annex does not create a security interest, but instead relies on netting for its effectiveness. Like the New York Credit Support Annex, it is an Annex to the Schedule to the ISDA Master Agreement.

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1995 ISDA Credit Support Deed (Security Interest - English Law)

The 1995 ISDA Credit Support Deed allows parties to establish bilateral mark-to-market collateral arrangements under English law relying on the creation of a formal security interest in collateral in the form of securities and/or cash. It is a stand-alone document (not an Annex to the Schedule), but is otherwise comparable to the 1994 ISDA Credit Support Annex for use with ISDA Master Agreements subject to New York law (which also relies on the creation of a formal security interest in the collateral).

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User's Guide to the ISDA Credit Support Documents Under English Law

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ISDA 2014 Standard Credit Support Annex (Security Interest - New York Law)

The 2014 Standard ISDA Credit Support Annex allows parties to establish bilateral mark-to-market security arrangements that create a homogeneous valuation framework, reducing current barriers to novation and valuation disputes. This document retains and accepts intraday settlement risk by allowing multi currency settlement in lieu of net settlement in a single Transport Currency under the 2013 SCSA® published by ISDA in June 2013. This alternative to the 1994 ISDA Credit Support Annex seeks to standardize market practice regarding embedded optionality in current Credit Support Annexes, promote the adoption of overnight index swap discounting for derivatives, and align the mechanics and economics of collateralization between the bilateral and cleared OTC derivative markets. This document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to New York law.

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ISDA 2014 Standard Credit Support Annex (Transfer - English Law)

The 2014 English Standard Credit Support Annex allows parties to establish bilateral mark-to-market arrangements under English law relying on transfer of title to collateral in the form of securities and/or cash and, in the event of default, inclusion of collateral values within the close-out netting provided by Section 6 of the ISDA Master Agreement. The English Standard Credit Support Annex does not create a security interest, but instead relies on netting for its effectiveness. This document retains and accepts intraday settlement risk by allowing multi currency settlement in lieu of net settlement in a single Transport Currency under the 2013 SCSA® under English Law published by ISDA in June 2013. This alternative to the 1995 ISDA Credit Support Annex (Transfer - English Law) further seeks to standardize market practice regarding embedded optionality in current Credit Support Annexes, promote the adoption of overnight index swap discounting for derivatives, and align the mechanics and economics of collateralization between the bilateral and cleared OTC derivative markets. This document, like the New York Credit Support Annex, is an Annex to the Schedule to the ISDA Master Agreement.

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ISDA 2013 Standard Credit Support Annex (Security Interest - New York Law)

The 2013 Standard ISDA Credit Support Annex allows parties to establish bilateral mark-to-market security arrangements that create a homogeneous valuation framework, reducing current barriers to novation and valuation disputes. This alternative to the 1994 ISDA Credit Support Annex seeks to standardize market practice regarding embedded optionality in current Credit Support Annexes, promote the adoption of overnight index swap discounting for derivatives, and align the mechanics and economics of collateralization between the bilateral and cleared OTC derivative markets. This document serves as an Annex to the Schedule to the ISDA Master Agreement and is designed for use in transactions subject to New York law.

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ISDA 2013 Standard Credit Support Annex (Transfer - English Law)

The English Standard Credit Support Annex allows parties to establish bilateral mark-to-market arrangements under English law relying on transfer of title to collateral in the form of securities and/or cash and, in the event of default, inclusion of collateral values within the close-out netting provided by Section 6 of the ISDA Master Agreement. The English Standard Credit Support Annex does not create a security interest, but instead relies on netting for its effectiveness. This alternative to the 1995 ISDA Credit Support Annex (Transfer - English Law) further seeks to standardize market practice regarding embedded optionality in current Credit Support Annexes, promote the adoption of overnight index swap discounting for derivatives, and align the mechanics and economics of collateralization between the bilateral and cleared OTC derivative markets. This document, like the New York Credit Support Annex, is an Annex to the Schedule to the ISDA Master Agreement.

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2014 ISDA Korean Law Credit Support Annex (Bilateral Form - Loan and Pledge)

The 2014 ISDA Korean Law Credit Support Annex (Bilateral Form - Loan and Pledge) was prepared for use in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under an ISDA Master Agreement for which the parties intend to use two different methods (pledge and lending) of providing Korean collateral between counterparties to transactions documented under a 1992 ISDA Master Agreement or 2002 ISDA Master Agreement.

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User's Guide to the 2014 ISDA Korean Law Credit Support Annex (Bilateral Form - Loan and Pledge)

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1995 ISDA Credit Support Annex (Security Interest - Japanese Law)
(this form is superseded by the October 21, 2008 publication)

The 1995 ISDA Credit Support Annex was prepared for use in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under an ISDA Master Agreement for which the parties intend to use assets located in Japan as credit support. This Annex assumes that Japanese law will govern questions of perfection and priorities relating to posted collateral and is designed to provide documentation for parties wishing to minimize exposure to counterparties through collateral arrangements in respect of cash, deposit accounts, Japanese government bonds or other marketable securities situated in Japan. The structure and wording of this Annex were designed to conform to the 1994 ISDA Credit Support Annex in order to facilitate its use by those familiar with that Annex. Therefore, parties should generally refer to the User's Guide to the 1994 ISDA Credit Support Annex. The User's Guide to the Japanese Law Annex discusses the differences between the 1994 ISDA Credit Support Annex and the 1995 ISDA Japanese Annex.

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User's Guide to the 1995 ISDA Credit Support Annex (Security Interest - Japanese Law)

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2008 ISDA Credit Support Annex (Loan/Japanese Pledge)
(published October 21, 2008)
(Electronic Copy Only)

The document reflects new netting, bankruptcy and securities clearing system legislation which were implemented in Japan after the 1995 ISDA Credit Support Annex (Security Interest - Japanese Law) was published.  It is intended for use in documenting bilateral security and other credit support arrangements between counterparties for transactions documented under an ISDA Master Agreement for which the parties intend to use assets located in Japan as credit support. This Annex assumes that Japanese law will govern questions of perfection and priorities relating to posted collateral and is designed to provide documentation for parties wishing to minimize exposure to counterparties through collateral arrangements in respect of cash, deposit accounts, Japanese government bonds or other marketable securities situated in Japan. It is a stand-alone document (not an Annex to the Schedule).

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Guidebook for ISDA Credit Support Annexes (Japanese language)
(published August 28, 2009)

The Guidebook for ISDA Credit Support Annexes is a user-friendly, practical guidebook which is designed to assist users of the ISDA Credit Support Annexes to understand the collateral management and documentation.  The topics covered in the Guidebook include the detailed descriptions of (i) Collateral as a Risk Management Tool (ii) Documentation structure and the Terms (iii) Collateral Management and Operations (iv) Forms of the Annexes and legal issues (v) Tax (vi) Close-out process.

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Japanese translation of the 1995 ISDA Credit Support Annex (Transfer − English Law)
(published March 31, 2011)

This translation of the 1995 ISDA Credit Support Annex (Transfer − English Law) to Japanese has been prepared for educational purposes only.

Japanese translation of the Recommended Amendment Provisions for the Transfer Annex with respect to Japanese Party (“Loan and Set-off”) – Annex III of Japanese Collateral Opinion (Free Download - Japanese, English)               

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Japanese translation of the 2008 ISDA Credit Support Annex (Loan/Japanese Pledge)
(published March 31, 2011)

This translation of the 2008 ISDA Credit Support Annex (Loan/Japanese Pledge) to Japanese has been prepared for educational purposes only.

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Traditional Chinese translation of the 1995 ISDA Credit Support Annex (Transfer - English Law)
(published July 31, 2014)

This translation of the 1995 ISDA Credit Support Annex (Transfer - English Law) to traditional Chinese has been prepared for educational purposes only.

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Amendments to Credit Support Documents

Recommended Amendment Provisions for ISDA Euroclear Collateral Transfer Agreement and Security Agreement with respect to Japanese Collateral

These amendment provisions (the "Amendments") are required when Eligible Collateral (IM) includes Japanese law governed securities issued pursuant to the Act Concerning Book-entry Transfer of Corporate Bonds, Stocks, etc. (Shasai Kabushikito no Furikae ni Kansuru Horitsu) (Act No. 75 of 2001, as amended).

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Recommended Amendment Provisions for the ISDA New York Law 2016 Phase One Credit Support Annex for Initial Margin (IM) with respect to Japanese Securities

These amendment provisions (the "Amendments") are required when Eligible Collateral (IM) includes (i.e. parties create a security interest over) Japanese law governed securities issued pursuant to the Act Concerning Book-entry Transfer of Corporate Bonds, Stocks, etc. (Shasai Kabushikito no Furikae ni Kansuru Horitsu) (Act No. 75 of 2001, as amended).

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Recommended Amendment Provisions for 2016 Credit Support Annex for Variation Margin (VM) (English Law) with respect to Japanese Party

The purpose of the Recommended Amendment Provisions is to ensure that the validity and enforceability of the collateral arrangements under the English law VM CSA will be upheld and the collateral arrangements will not be recharacterised in a Japanese court.

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Recommended Amendment Provisions for 2016 Credit Support Annex for Variation Margin (VM) (New York Law) with respect to Japanese Party

The purpose of the Recommended Amendment Provisions is to ensure that the validity and enforceability of the collateral arrangements under the NY law VM CSA will be upheld and the collateral arrangements will not be recharacterised in a Japanese court.

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Paragraph 11 of the ISDA Credit Support Annex (English law) ("CSA") for Indian onshore derivative transactions
(published August 13, 2012)

(a) Paragraph 11 of the CSA where all onshore derivative transactions are collateralized

(b) Paragraph 11 of the CSA where only onshore INR credit default swap ("CDS") transactions on Indian corporate bonds are collateralized

Each of the templates is designed to operate with a single ISDA Master Agreement between the parties, under which the parties may enter into (i) transactions between their Indian offices ("onshore transactions"), (ii) transactions between their offshore offices ("offshore transactions") and (iii) transactions between one party's Indian office and the other party's offshore office ("cross-border transactions"). Participants can choose to either collateralize all their onshore transactions or only their onshore CDS transactions by using the appropriate template. Participants should note that cross-collateralization of onshore transactions with offshore or cross-border transactions is not permitted without relevant approvals being obtained under the Foreign Exchange Management Act. The Indian onshore derivatives market is a regulated market and there are also various regulations that govern or have an impact on collateralization. Participants should ensure that they are familiar with the all relevant regulations and guidelines before transacting or entering into collateral arrangements.

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Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law)

This Amendment will enable parties with 1992 ISDA Master Agreements (which have been amended to include Close-out Amount) to amend their existing Credit Support Annex to take into account the addition of Close-out Amount and the deletion of Market Quotation and Loss.

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Form of Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law)

This Amendment will enable parties with 1992 ISDA Master Agreements (which have been amended to include Close-out Amount) to amend their existing Credit Support Annex to take into account the addition of Close-out Amount and the deletion of Market Quotation and Loss.

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Form of Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law) and;
Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law)

This amendment was made in order to resolve a discrepancy between market practice in Japan and the ISDA documentation. Each of the English Law (Transfer) ISDA CSA and New York Law ISDA CSA was amended to have Gross-Up clause not applicable as it allowed the Obligor to argue that the payment should be a gross-up based on Section 2(d) of the ISDA Master Agreement, and resulted in the Obligee being asked not to deduct the withholding tax.

In the Japanese tax system, interest income from cash deposits placed with an account opened with a bank located in Japan, which is paid to a foreign corporation (i.e. a foreign bank) is taxed by withholding at the source by the Japanese payer (Income Tax Law, Article 212, clause 1) unless such interest income is attributable to a branch or other permanent establishment in Japan.

When a Japanese resident bank receives cash collateral from a nonresident bank, it is the market practice that a Japanese resident bank (the Obligee) shall pay the Interest Amount less withholding tax to a nonresident bank (the Obligor). This allowed the Obligor to argue that the payment should be a gross-up based on Section 2(d), and ask the Obligee not to deduct the withholding tax.

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Instructions and Additional Provisions for the use of the ISDA Credit Support Annex (New York law) with a Quebec Counterparty

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ISDA Margin Provisions

2001 ISDA Margin Provisions

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User's Guide to the 2001 ISDA Margin Provisions

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2001 ISDA Margin Provisions and User's Guide
(Special Package Discounts)

Purchase this package either in hard copy or electronic copy and you will receive both the 2001 ISDA Margin Provisions and the User's Guide to the 2001 ISDA Margin Provisions at a reduced rate.

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Collateral Documentation

ISDA Euroclear Documents

The following documents are used to document a collateral arrangement between two parties where the collateral is held in a Euroclear account for use in complying with initial margin requirements.

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Click here to view/download ISDA Euroclear Security Agreement - pdf (format)
Click here to view/download ISDA Euroclear Collateral Transfer Agreement (New York law) - pdf (format)
Click here to view/download ISDA Euroclear Collateral Transfer Agreement (Multi-Regime) - pdf (format)


ISDA Clearstream Documents

The following documents are used to document a collateral arrangement between two parties where the collateral is held in a Clearstream account for use in complying with initial margin requirements.

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Click here to view/download ISDA Clearstream Security Agreement - pdf (format)
Click here to view/download ISDA Clearstream Collateral Transfer Agreement (New York law) - pdf (format)
Click here to view/download ISDA Clearstream Collateral Transfer Agreement (Multi-Regime - pdf (format)


2005 ISDA Collateral Guidelines

The ISDA Collateral Committee has undertaken a comprehensive review of the 1998 Guidelines for Collateral Practitioners. The 2005 ISDA Collateral Guidelines (the “2005 Guidelines”) also revisit some of the recommendations made in the ISDA 1999 Collateral Review.

The 2005 Guidelines are intended to:

  • Document the state of collateral management practice at the end of 2004.
  • Discuss the nature and mechanics of collateralization, including the key legal foundations.
  • Describe the interaction of the collateral management function with other areas of the firm.
  • Identify the benefits and risks of collateralization.
  • Outline current trends and possible future developments in collateral management.

The 2005 Guidelines takes a comprehensive approach to the many different facets of collateral management. Among the topics addressed are:

  • Collateral as a Risk Management Tool;
  • Collateral Management Function;
  • Documentation for Collateral;
  • Margin Call Process;
  • Managing Collateral Assets and
  • Trends in Collateral Management.

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Guidance on UK Tax Issues Arising from the Use of the English Law Credit Support Annex (Appendix 2 of the Guidelines for Collateral Practitioners)

Chapter 4 of the 2005 ISDA Collateral Guidelines highlights tax considerations which may affect a firm’s choice of Credit Support Documentation. As a general matter, tax is more likely to be of concern in relation to the title transfer approach reflected in the ISDA Credit Support Annex (Transfer-English Law) or the English law title transfer approach under the 2001 ISDA Margin Provisions (because of the fact that title to the collateral asset has been transferred), although the UK taxation issues have largely been eliminated during the course of bilateral discussions between ISDA and the UK Inland Revenue. Summaries of these discussions were originally included in the Guidelines for Collateral Practitioners in 1998 and have been extracted herein (Appendix 2) for firms’ convenience. Firms should consult with their legal advisors regarding any tax considerations.

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ISDA Collateral Asset Definitions

The ISDA Collateral Asset Definitions standardize the descriptions for the most commonly used collateral assets in various jurisdictions, reducing operational and legal risks in the use of collateral and providing a more streamlined method for including assets in collateral arrangements. The Definitions are structured as a series of tables covering the most commonly used assets in more than twenty jurisdictions. The Definitions are designed for incorporation into any form of collateral agreement, including both ISDA Credit Support documentation and non-ISDA forms of collateral agreement. ISDA anticipates publishing future editions of the ISDA Collateral Asset Definitions, updated to reflect changes in the published definitions and to include additional assets.

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ISDA Glossary of Collateral Terms - Chinese Translation

The Glossary of Collateral Terms – Chinese Translation was complied by a working group organized under the auspices of ISDA’s Asia-Pacific Collateral Committee. It is intended to serve as an educational reference tool and as a practical guide for collateral practitioners in relation to privately negotiated derivatives trades when the use of both English and Chinese languages are required.

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ISDA 1999 Collateral Review
(Please refer to the 2005 ISDA Collateral Guidelines.)

The ISDA 1999 Collateral Review follows the ISDA Guidelines for Collateral Practitioners published in October 1998. The ISDA Guidelines were intended as an introduction to the practicalities of managing collateral for privately negotiated derivatives transactions, while the ISDA Collateral Review is a more advanced discussion of collateral management practices.

The ISDA Collateral Review reflects the experiences of collateral practitioners during periods of market volatility and contains twenty-two recommendations in the area of collateral management. The ISDA Collateral Review also sets out action plans for collateral practitioners, regulators and ISDA to enhance the effectiveness of collateralization as a risk mitigation technique.

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Guidelines for Collateral Practitioners
(Please refer to the 2005 ISDA Collateral Guidelines.)

The Guidelines for Collateral Practitioners are designed as a resource document for organizations designing policies, practices, systems and operations to address the activities that accompany the introduction of ISDA credit support documentation. The Guidelines examine factors involved in structuring collateralized relationships from credit and documentation perspectives and discuss implementing the collateralized relationship once a collateral agreement has been executed (including collateral valuation and inventory management). The Guidelines also discuss maintenance of collateral relationships with on-going operational and communication requirements for making and/or meeting collateral calls.

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2008 ISDA Portfolio Reconciliation in Practice Paper

The Portfolio Reconciliation in Practice Paper provides an overview and best practice recommendations in regard to portfolio reconciliation.  The operational advantages of being able to verify cross-asset portfolios of trades amongst counterparties are widely acknowledged as important, especially within the collateral management arena.

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2008 ISDA Best Practice Guidance for Collateralized Portfolio Reconciliation Between Derivative Market Professionals (the "Best Practice Guidance")

The ISDA Collateral Committee has discussed the nature, mechanics and importance of reconciliation for collateralized portfolios. The agreed best practice guidance reflects the key elements for collateralized portfolio reconciliation between derivative market professionals.

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Collateral Arrangements in the European Financial Markets

Collateral Arrangements in the European Financial Markets: The Need for National Law Reform and Related Country Reports have been prepared by the Collateral Law Reform Group to study legal impediments to the efficient use of collateral and to promote law reform in this regard.

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Independent Amount Segregation

Annotated ISDA 2013 Account Control Agreement - Published - May 30, 2014
The Annotated version of the ISDA 2013 Account Control Agreement - which provides market participants with a standardized form of agreement for the segregation of independent amounts for uncleared swaps with an independent third party custodian - includes footnote annotations to assist market participants that elect to implement margin segregation for uncleared swaps pursuant to the CFTC segregation regime (CFTC regulations 23.702 and 23.703).
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Form of CFTC 23.704 Quarterly Notice - Published - May 7, 2014
Published by ISDA to assist market participants in implementing the regulations reporting requirements relating to back office procedures regarding margin and collateral requirements under uncleared swap agreements.
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CFTC IM Segregation Right Notice - Published - March 27, 2014
Form of CFTC IM Segregation Right Notice published by ISDA to assist market participants in implementing CFTC Regulation 23.701's requirements for swap dealers and major swap participants to notify counterparties of their right to require segregation of margin (other than variation margin) for uncleared swap transactions.
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Click here to view/download pdf (format) - IM Segregation Election Notice PDF
Click here to view/download pdf (format) - IM Segregation Election Notice DOC

Frequently Asked Questions - CFTC IM Segregation Right Notice - Published - March 27, 2014
List of frequently asked questions to assist market participants in receiving and responding to the form of CFTC IM Segregation Right Notice published by ISDA and understanding some of the implications of the CFTC IM Segregation Rules.
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Click here to view/download pdf (format) - Frequently Asked Questions - CFTC IM Segregation Right Notice

ISDA 2013 Account Control Agreement - Published - October 11, 2013
The ISDA 2013 Account Control Agreement provides market participants with a standardized form of agreement for the segregation of independent amounts for uncleared swaps with an independent third party custodian.
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Click here to view/download pdf (format) - ISDA 2013 Account Control Agreement

Form of Amendment to the 1994 ISDA Credit Support Annex subject to New York Law. The Amendment addresses the segregation of IA with a custodian.
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Click here to view/download pdf (format) - Form of Amendment to the 1994 ISDA Credit Support Annex subject to New York Law

ISDA Sample Tri-Party IA Provisions - (Note: these provisions have been superseded by those included in the ISDA 2013 Account Control Agreement) The ISDA Sample Tri-Party IA Provisions are templates to provide market participants with sample terms and provisions that may facilitate the negotiation of contractual arrangements that provide for segregation of Independent Amounts ("IA") with a third party custodian and were drafted primarily in response to new regulations being promulgated under the Dodd-Frank Act in the United States. These templates include:

  • Sample Pledgor Access Provisions for possible inclusion in a tri-party control agreement; and
  • Sample Notice of Exclusive Control Provisions for possible inclusion in a tri-party control agreement.
  • Form Secured Party Notice of Exclusive Control for use with the ISDA Tri-Party IA (Independent Amount) Conflicting Instructions Provision and for possible inclusion in a tri-party control agreement.
  • Form of Pledgor Access Notice for use with the ISDA Tri-Party IA (Independent Amount) Conflicting Instructions Provision and for possible inclusion in a tri-party control agreement.
  • ISDA Tri-Party IA Conflicting Instructions Provision (Independent Amount) to address the situation where both an effective Notice of Exclusive Control and an effective Pledgor Access Notice have been received by a Securities Intermediary.

ISDA Sample Tri-Party IA Provisions Memorandum. The Memorandum includes important information relating to the use of the ISDA Sample Tri-Party IA Provisions, background information relating to the segregation of IA and a brief description of the structure and an overview of the ISDA Sample Tri-Party IA Provision.

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Click here to view/download pdf (format) - Sample Pledgor Access Provisions
Click here to view/download pdf (format) - Sample Notice of Exclusive Control Provisions
Click here to view/download pdf (format) - Form Secured Party Notice of Exclusive Control
Click here to view/download pdf (format) - Form of Pledgor Access Notice
Click here to view/download pdf (format) - ISDA Tri-Party IA Conflicting Instructions Provision (Independent Amount)
Click here to view/download pdf (format) - ISDA Sample Tri-Party IA Provisions Memorandum

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