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).