MTA Amendment Agreement

This form of agreement may be used by two parties to amend the minimum transfer amounts (“MTAs”) that are produced when parties use the Protocol plus applicable supplements to produce a New CSA that provides for either “gross/gross” or “gross/net” margining. The New CSA produced by the Protocol in this scenario includes two separate delivery/return amounts rather than the single delivery/return amount that normally applies. Under this scenario, the Protocol splits the MTA selected by the parties through matched Questionnaires and allocates 50% of the originally selected MTA to each delivery/return amount as a “gross MTA” or “net MTA”. This agreement allows the parties to replace that approach by defining a “gross MTA” or “net MTA” to equal the full amount of the originally selected MTA (or insert a different amount).

Response to ESMA Guarantees

On April 30, ISDA responded to the European Securities and Markets Authority (ESMA) consultation paper on guarantees as central counterparty (CCP) collateral and certain aspects of CCP investment policy. ISDA broadly supports ESMA’s proposed draft regulatory technical standards (RTS) to...

ISDA AGM Studio: Jenny Cosco and Jason Granet

Jenny Cosco, global head of government relations and regulatory strategy at LSEG, and Jason Granet, chief investment officer at BNY, speak with Tara Kruse, ISDA’s global head of derivative products and infrastructure, about how firms can manage liquidity pressures during...