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ISDA Master Agreement
 
ISDA Master Agreements and User Guides

2013 ISDA Arbitration Guide

This document provides guidance on the use of an arbitration clause with an ISDA Master Agreement and includes a range of "ISDAfied" model arbitration clauses for various arbitration institutions and seats around the globe (in Appendices A-G).

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Appendices to the 2013 ISDA Arbitration Guide

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ISDA/IIFM Tahawwut Master Agreement

The ISDA/IIFM Tahawwut Master Agreement is a global master agreement for transactions in Islamic derivatives. The document provides the first standard contract document for cross-border transactions in Shariah-compliant derivatives. Like the ISDA 2002 Master Agreement on which it is based, the ISDA/IIFM Tahawwut Master Agreement is a multiproduct framework agreement. The document has been drafted with a view to documenting commodity murabaha-based Islamic profit-rate and currency swaps.

Confirmation templates have been produced.

Explanatory Memorandum relating to the ISDA/IIFM Tahwwut Master Agreement

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Click here to view/download pdf (format) of the Explanatory Memo

Free download of ISDA/IIFM confirmation templates for Mubadalatul Arbaa (profit rate swap)

  • DFT Terms confirmation for the Fixed Profit Rate Leg of the PRS (Two Sales Structure)
  • DFT Terms confirmation for the Floating Profit Rate Leg of the PRS (Two Sales Structure)
  • DFT Terms confirmation for the Fixed Profit Rate Leg of the PRS (Single Sale Structure)
  • DFT Terms confirmation for the Floating Profit Rate Leg of the PRS (Single Sale Structure)

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Click here to view/download the PRS templates

Member Price: $30.00
Non-Member Price: $60.00
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2002 ISDA Master Agreement

This Agreement updates the 1992 ISDA Master Agreements and is used to document transactions between parties in different jurisdictions and/or transactions involving different currencies. The Agreement adds several new provisions, including: a new measure of damages provision, Close-out Amount, which replaces Market Quotation and Loss in the 1992 ISDA Master Agreements; a set-off provision in Section 6(f); Force Majeure Termination Event in Section 5(b)(ii); and consolidated interest and compensation provisions in Section 9. In addition, several provisions are amended, including a shortening of grace periods associated with some of the Events of Default in Section 5(a).

Member Price: $30.00
Non-Member Price: $60.00
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Schedule to the 2002 ISDA Master Agreement

This Schedule is part of the 2002 ISDA Master Agreement. It is used to identify additions to the 2002 ISDA Master Agreement. In the Schedule parties choose whether and how certain provisions in a 2002 ISDA Master Agreement will apply. Therefore, for your convenience and practicality, we are making the Schedule available in Word Format.

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User's Guide to the 2002 ISDA Master Agreement

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Click here to Read Introduction

Member Price: $175.00
Non-Member Price: $350.00
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1992 ISDA Master Agreement (Local Currency - Single Jurisdiction)

This Agreement is used to document transactions between parties located in the same jurisdiction and transactions involving one currency. The Agreement is designed, among other things, to facilitate cross-product netting and may be used to document a wide variety of derivatives transactions. The 1992 Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda. ISDA also prepared a User's Guide to assist in the understanding and use of this document.

Member Price: $75.00
Non-Member Price: $150.00
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1992 ISDA Master Agreement (Multicurrency - Cross Border)

This Agreement is used to document transactions between parties located in different jurisdictions and/or transactions involving different currencies. The Agreement is designed, among other things, to facilitate cross-product netting and may be used to document a variety of derivative transactions. The 1992 Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda. ISDA also prepared a User's Guide to assist in the understanding and use of this document.

Member Price: $75.00
Non-Member Price: $150.00
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User's Guide to the 1992 ISDA Master Agreements
(Unbound Copy Only)

Click here for TOC
Click here to Read Introduction

Member Price: $175.00
Non-Member Price: $350.00
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1987 ISDA Interest Rate and Currency Exchange Agreement
(Unbound Copy Only)

This Agreement is used to document currency swaps and interest rate swaps in fifteen currencies (including US dollars). The Agreement does not incorporate the 1986 Code, but contains substantially identical provisions. The 1991 Definitions were developed for use with this Agreement.

Member Price: $7.00
Non-Member Price: $15.00
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1987 ISDA Interest Rate Swap Agreement
(Unbound Copy Only)

This Agreement is used to document US dollar-denominated interest rate swaps. It is intended for use with the 1986 Code and incorporates the Code by reference. The 1992 ISDA Master Agreements were prepared to accommodate transactions that could be documented under the 1987 Agreements with their 1989 and 1990 Addenda, as well as other types of OTC derivatives.

Member Price: $7.00
Non-Member Price: $15.00
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1987 ISDA User's Guide to the Standard Form Agreements
(Unbound Copy Only)

Click here for TOC
Click here to Read Introduction

Member Price: $7.00
Non-Member Price: $15.00
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1986 Code of Standard Wording, Assumptions, and Provisions for Swaps
(Unbound Copy Only)

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Click here to Read Introduction

Member Price: $7.00
Non-Member Price: $15.00
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Additional Termination Event clause applicable to Korean Corporate Investors

ISDA has drafted this clause in light of the regulatory requirement in the Risk Management Guidelines for Foreign Currency Derivatives Transactions issued by the Financial Supervisory Service of the Republic of Korea on December 31, 2009 (the “FSS Guidelines”).  This clause is recommended for the KRW FX transactions between a Korean bank (including a foreign bank branch in Korea) and a Korean “Corporate Investor” (as defined in the FSS Guidelines) documented under the ISDA Master Agreement.

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1985 Code of Standard Wording, Assumptions and Provisions for Swaps

This Code represents ISDA's initial effort to standardize and simplify documentation for US dollar-denominated interest rate swaps. The Code covers subjects as diverse as compounding of floating amounts, default and termination events, standard representations, covenants and cross-border and tax-related matters.

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Amendments, Bridges and Additional Provisions/Addenda

Amendment to the ISDA Master Agreement for use in relation to Section 2(a)(iii) and explanatory memorandum

This Amendment to the ISDA Master Agreement is for use in relation to Section 2(a)(iii) for market participants who wish to amend their ISDA Master Agreements to insert a time limit on the operation of that provision in circumstances where an event of default has occurred in relation to one of the parties. The explanatory memorandum was updated on 11 July 2014 to add an additional note in relation to Potential impact on the netting and collateral legal opinions that ISDA has obtained for the benefit of members; a blackline showing the changes is below

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Click here to view/download (word format) - Form of Amendment
Click here to view/download (pdf format) - Explanatory memorandum
Click here to view/download (pdf format) - Explanatory memorandum (blackline)


Side Letter (Principal) and Side Letter (Agent) - ISDA 2013 Reporting Protocol

In line with the G20 OTC derivatives commitments, many G20 and non-G20 countries (in addition to the US and EU) have implemented or will be implementing mandatory trade reporting requirements. While, on the one hand, firms subject to the jurisdiction(s) of the relevant country(ies) will have to comply with the relevant reporting requirements, on the other hand, they may also be subject to contractual, statutory, regulatory or other legal limitations (under non-disclosure, confidentiality, bank secrecy or other laws) under other laws applicable to them which could prohibit the disclosure of the relevant information. To facilitate compliance with their reporting obligations while addressing these disclosure limitations, ISDA has launched the ISDA 2013 Reporting Protocol which contains a counterparty's consent to the disclosure of information in the terms therein described. The text of the Protocol and a link to adhere to the Protocol, as well as guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are available on the Protocol Management section of ISDA's website.

Concurrently, ISDA is publishing these Side Letters (Principal and Agent versions) that contains the same consent language as found in the ISDA 2013 Reporting Protocol. If parties do not wish to amend their relevant agreements by adhering to the Protocol, they can choose to bilaterally amend their ISDA Master Agreements and other written agreements governing the terms and conditions of one or more transactions in "Derivatives" by using the applicable Side Letter.

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


Timely Confirmation Amendment Agreement and Explanatory Memorandum

This amendment agreement amends certain sections of the ISDA Master Agreement by incorporating wording to reflect the allocation of obligations imposed by EMIR in relation to the timely delivery and return of confirmations. Parties can elect to use none, some or all of the provisions as they deem suitable.

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Click here to view/download (word format) - Form of Amendment
Click here to view/download (pdf format) - Explanatory Memorandum


Board resolutions and other documents for Indian onshore derivative transactions
(published August 27, 2012)

(a) Board resolutions for Generic Derivative Products only – no executed ISDA Master Agreement

(b) Board resolutions for Generic and Structured Derivative Products – no executed ISDA Master Agreement

(c) Board resolutions for Generic Derivative Products only – with executed ISDA Master Agreement

(d) Board resolutions for Generic and Structured Derivative Products – with executed ISDA Master Agreement

(e) Indicative Term-Sheet for Derivative Products

(f) Final Term-Sheet for Derivative Products

(g) Example of a Final Term-Sheet for a Participating Forward

(h) Generic Risk Disclosure Statement for Derivative Products

(i) MTM Valuation Disclaimer

The templates take into account the requirements specified in the Reserve Bank of India ("RBI")'s Comprehensive Guidelines on Derivatives issued on April 20, 2007 as most recently amended on November 2, 2011. The templates do not take into account any other requirements, for example, it does not take into account RBI's Comprehensive Guidelines on OTC Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks issued on December 28, 2010 as most recently amended on December 15, 2011. The Indian onshore derivatives market is a regulated market and participants should ensure that they are familiar with the guidelines of the RBI and all other relevant regulations before transacting.

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Click here to view/download word (format) - Board resolutions for Generic Derivative Products only - no executed ISDA Master Agreement
Click here to view/download word (format) - Board resolutions for Generic and Structured Derivative Products - no executed ISDA Master Agreement
Click here to view/download word (format) - Board resolutions for Generic Derivative Products only - with executed ISDA Master Agreement

Click here to view/download word (format) - Board resolutions for Generic and Structured Derivative Products - with executed ISDA Master Agreement
Click here to view/download word (format) - Indicative Term-Sheet for Derivative Products
Click here to view/download word (format) - Final Term-Sheet for Derivative Products

Click here to view/download word (format) - Example of a Final Term-Sheet for a Participating Forward
Click here to view/download word (format) - Generic Risk Disclosure Statement for Derivative Products
Click here to view/download word (format) - MTM Valuation Disclaimer


Canadian Law Force Majeure - Additional Provision for 2002 ISDA Master Agreement

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Form of Amendment to 1992 ISDA Master Agreement

This Form of Amendment, published in March 2003, allows firms to amend on a bilateral basis various sections of the 1992 ISDA Master Agreement (Multicurrency-Cross Border). The Amendment adds Close-out Amount, the new measure of damages in the 2002 ISDA Master Agreement, and deletes Market Quotation and Loss as well as making other corollary changes.

Cover Letter to Form of Amendment to 1992 ISDA Master Agreement

This Cover Letter can be sent to a counterparty with the Form of the Amendment. It briefly discusses some of the benefits of executing the Amendment.

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


2001 ISDA Cross-Agreement Bridge and Commentary

The 2001 ISDA Cross-Agreement Bridge provides parties to an ISDA Master Agreement with the means of achieving cross-product netting. Parties are able, in certain circumstances, to terminate transactions documented under other industry-standard agreements and to incorporate the net close-out amounts calculated in respect of those transactions within the close-out provisions of their ISDA Master Agreement.

A Commentary to the 2001 ISDA Cross-Agreement Bridge is also provided. The Commentary analyzes the provisions of the 2001 ISDA Cross-Agreement Bridge and highlights some of the benefits of the approach.

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Click here to view/download pdf (format) - Bridge
Click here to view/download pdf (format) - Commentary


1997 Amendment to Acknowledge Commercial Paper Rate Changes

ISDA has drafted language that can be used to amend the ISDA Master Agreement to clarify that references to the Commercial Paper rates that currently appear in the Federal Reserve Board's H.15 (519) statistical release will be deemed to be references to Non-financial Commercial Paper rates that appear in the modified H.15 Release.

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1996 ISDA/BBAIRS Bridge and ISDA/FRABBA Bridge

The contractual provisions contained in this document create a bridge between the 1987 or 1992 ISDA Master Agreements and swap transactions entered into using BBAIRS terms or forward rate agreements entered into using FRABBA terms.

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1996 Representation Regarding Relationship Between Parties

This Representation Regarding Relationship Between Parties may be used in existing and future ISDA Master Agreements where the parties wish to document their understanding of the nature of their relationship. The relationship described in the representation is the one most frequently encountered in the wholesale financial markets. The representation should be included only when it accurately reflects how the parties are acting, their capabilities and the nature of their relationship.

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1994 Amendment to the 1987 Interest Rate and Currency Exchange Agreement to Provide for Full Two-Way Payments

This amendment is designed to assist parties in converting outstanding 1987 Agreements from limited two-way payments to full two-way payments.

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1994 Amendment to the 1987 Interest Rate Swap Agreement to Provide for Full Two-Way Payments

This amendment is designed to assist parties in converting outstanding 1987 Agreements from limited two-way payments to full two-way payments.

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1990 Addenda to ISDA Schedules for Options and Commentary
(Unbound Copy Only)

This Addenda enables swap counterparties to include option transactions under the 1987 Agreements. A Commentary on the use of the Addenda is included. The necessary provisions for documenting these transactions are included in the 1992 Agreements and 1991 ISDA Definitions (except those provisions noted in the 1992 User's Guide to the Master Agreements).

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Non-Member Price: $10.00
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1989 Addenda to ISDA Schedules for Interest Rate Caps, Collars and Floors and Commentary
(Unbound Copy Only)

This Addenda enables swap counterparties to include caps, collars and floors and similar products under the 1987 Agreements. A Commentary on the use of the Addenda is included. The necessary provisions for documenting these transactions are included in the 1992 Agreements and 1991 ISDA Definitions (except those provisions noted in the 1992 User's Guide to the Master Agreements).

Member Price: $5.00
Non-Member Price: $10.00
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Translations

Russian Translations of 2002 ISDA Master Agreement (For Educational Purposes Only)

This translation of the 2002 ISDA Master Agreement to Russian has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Russian Translations of 1992 ISDA Master Agreement (For Educational Purposes Only)

This translation of the 1992 ISDA Master Agreement to Russian has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Brazilian Portuguese Translation of 2002 ISDA Master Agreement (For Educational Purposes Only)

This translation of the 2002 ISDA Master Agreement to Brazilian Portuguese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Brazilian Portuguese Translation of 1992 ISDA Master Agreement (Multicurrency - Cross Border) (For Educational Purposes Only)

This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Brazilian Portuguese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Chinese Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) - Simplified Chinese
(Unbound Copy Only)

This translation of the 2002 ISDA Master Agreement to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Chinese Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only) - Traditional Chinese
(Unbound Copy Only)

This translation of the 2002 ISDA Master Agreement to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Chinese Translation of 1992 ISDA Master Agreement (Multicurrency - Cross Border) (For Educational Purposes Only) - Simplified Chinese
(Unbound Copy Only)

This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Chinese Translation of 1992 ISDA Master Agreement (Multicurrency - Cross Border) (For Educational Purposes Only) - Traditional Chinese
(Unbound Copy Only)

This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Traditional Chinese Character Translation of the User's Guide to the ISDA Master Agreements
(Unbound Copy Only)

Click here for TOC
Click here to Read Introduction

Member Price: $100.00
Non-Member Price: $200.00
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Simplified Chinese Character Translation of the User's Guide to the ISDA Master Agreements
(Unbound Copy Only)



Click here for TOC
Click here to Read Introduction

Member Price: $100.00
Non-Member Price: $200.00
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French translation of the 2002 ISDA Master Agreement (For Educational Purposes Only)
(published April 26, 2011)

This translation of the 2002 ISDA Master Agreement to French has been prepared for educational purposes only.            

Member Price: $75.00
Non-Member Price: $150.00
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Greek Translation of 2002 ISDA Master Agreement (For Educational Purposes Only)

This translation of the 2002 ISDA Master Agreement to Greek has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Indonesian Translation of 2002 ISDA Master Agreement (For Educational Purposes Only)
(Unbound Copy Only)

This translation of the 2002 ISDA Master Agreement to Bahasa Indonesian has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Japanese Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only)
(Unbound Copy Only)

This translation of the 2002 ISDA Master Agreement to Japanese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Japanese Translation of 1992 ISDA Master Agreement (Multicurrency - Cross Border) (For Educational Purposes Only)
(Unbound Copy Only)

This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Japanese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Korean Translation of the 2002 ISDA Master Agreement (For Educational Purposes Only)
(Unbound Copy Only)

This translation of the 2002 ISDA Master Agreement to Korean has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Spanish Translation of 1992 ISDA Master Agreement (Multicurrency - Cross Border) (For Educational Purposes Only)

This translation of the 1992 ISDA Master Agreement (Multicurrency - Cross Border) to Spanish has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Vietnamese translation of the 2002 ISDA Master Agreement (For Educational Purposes Only)
(published April 25, 2011)

This translation of the 2002 ISDA Master Agreement to Vietnamese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement.

Member Price: $75.00
Non-Member Price: $150.00
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Definitions/SDR Opinions

Form of Amendment to 1992 ISDA Master Agreement
(Note: This has been superseded by 2002 ISDA Master Agreement)

This Form of Amendment, published in October 2001, allows firms to amend on a bilateral basis various sections of the 1992 ISDA Master Agreement (Multicurrency-Cross Border).

Strategic Documentation Review Opinions (available to members oly), Amendments, Incorporation Language, Commentary and Memorandum to Members are available on ISDA's Website.

SDR Opinions for members Only

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Click here to view/download pdf (format) - Amendments
Click here to view/download pdf (format) - Incorporation Language
Click here to view/download pdf (format) - Commentary
Click here to view/download pdf (format) - Memorandum to Members


1992 US Municipal Counterparty Definitions, Confirmation and Schedule
(Unbound Copy Only)

Click here for TOC
Click here to Read Introduction

Member Price: $30.00
Non-Member Price: $60.00
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1987 ISDA Interest Rate and Currency Exchange Definitions

This Agreement is used to document interest rate and currency swaps and related transactions.

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