2014 ISDA Standard Credit Support Annex (Transfer – English Law)

The 2014 English Standard Credit Support Annex allows parties to establish bilateral mark-to-market arrangements under English law relying on transfer of title to collateral in the form of securities and/or cash and, in the event of default, inclusion of collateral values within the close-out netting provided by Section 6 of the ISDA Master Agreement. The English Standard Credit Support Annex does not create a security interest, but instead relies on netting for its effectiveness. This document retains and accepts intraday settlement risk by allowing multi currency settlement in lieu of net settlement in a single Transport Currency under the 2013 SCSA® under English Law published by ISDA in June 2013. This alternative to the 1995 ISDA Credit Support Annex (Transfer – English Law) further seeks to standardize market practice regarding embedded optionality in current Credit Support Annexes, promote the adoption of overnight index swap discounting for derivatives, and align the mechanics and economics of collateralization between the bilateral and cleared OTC derivative markets. This document, like the New York Credit Support Annex, is an Annex to the Schedule to the ISDA Master Agreement.

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