2018 Credit Support Annex For Initial Margin (IM) (Security Interest – New York Law)

The 2018 Credit Support Annex For Initial Margin (IM) allows parties to establish initial margin arrangements that meet the requirements of margin regulations for uncleared swaps. ISDA previously published the 2016 Phase One IM Credit Support Annex to support Phase 1 of the initial margin requirements. The 2018 document has been adapted from the 2016 form for use by buy- and sell-side firms in view of the expansion of the impact of IM regulations to firms coming into scope in September 2019 (Phase 4), September 2020 (Phase 5) or later. Like the 2016 Phase One IM Credit Support Annex and the 1994 ISDA Credit Support Annex (Security Interest – New York Law), this document serves as an Annex to the Schedule to the ISDA Master Agreement and creates a New York law security interest over collateral.

An annotated version of the 2018 Credit Support Annex For Initial Margin (IM) is also included, setting out descriptions and explanations of the impact of each of the common elections that may be made in the document. A blackline against the 2016 Phase One IM Credit Support Annex is also included. A User’s Guide to the 2018 & 2019 ISDA Regulatory Initial Margin Documentation, including the 2018 Credit Support Annex For Initial Margin (IM), is available here.

Note: ISDA has published “ISDA Supplemental Regime Definitions for Use with Regulatory Margin Collateral Documentation” related to certain Regimes that have come into force since publication of the 2018 Credit Support Annex for Initial Margin (IM) (Security Interest – New York Law), available here.

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