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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 will be produced in due course.
Explanatory Memorandum relating to the ISDA/IIFM Tahwwut Master Agreement
Free Download
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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). |
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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.
Free Download
Click here to view/download word (format) |
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User's Guide to the 2002 ISDA Master Agreement
Click here for TOC
Click here to Read Introduction |
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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. |
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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. |
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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 |
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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. |
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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. |
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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 |
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1986
Code of Standard Wording, Assumptions, and Provisions for
Swaps
(Unbound Copy Only)
Click here for TOC
Click here to Read Introduction |
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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.
Free Download
Click here to view/download pdf (format)
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| Amendments, Bridges and Additional Provisions/Addenda |
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.
Free Download
Click here to view/download pdf (format) - Form of Amendment
Click here to view/download word (format) - Cover Letter |
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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.
Free Download
Click here to view/download pdf (format) - Bridge
Click here to view/download pdf (format) - Commentary |
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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.
Free Download
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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.
Free Download
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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.
Free Download
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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.
Free Download
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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.
Free Download
Click here to view/download pdf (format) |
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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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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). |
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| Translations |
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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. |
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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. |
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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. |
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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. |
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Chinese
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 Chinese has been prepared for educational purposes only. Parties should execute only the English language version of the ISDA Master Agreement. |
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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 |
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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 |
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French translation of the 2002 ISDA Master Agreement
(published April 26, 2011)
This translation of the 2002 ISDA Master Agreement to French has been prepared for educational purposes only. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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
Free Download
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 |
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1992 US Municipal Counterparty Definitions, Confirmation and
Schedule
(Unbound Copy Only)
Click here for TOC
Click here to Read Introduction |
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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.
Free Download
Click here to view/download pdf (format)
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