ISDA Clearstream Documents (2019)

ISDA Clearstream Documents (2019)

The following documents are used to document a collateral arrangement between two parties where the collateral is held in a Clearstream account for use in complying with initial margin requirements. There are two versions of the Security Agreement, one designed for use where the Clearstream collateral account is in the name of the Security-provider and the other designed for use where the Clearstream collateral account is in the name of the Security-taker. The latter version should be used where parties wish to incorporate the Recommended Amendment Provisions for the ISDA 2017 Clearstream Security Agreement with respect to Japanese Collateral (“Shichiken”), which are provided as standalone documents and also included as an election, as they are intended for continued use with the 2019 versions of the Clearstream documents. The 2019 versions of these documents have been updated to reflect the changes made in the ISDA 2018 Credit Support Annex For Initial Margin (IM) (Security Interest – New York Law) and the 2018 Credit Support Deed For Initial Margin (IM) (Security Interest – English Law) published in September 2018. The governing law of the Collateral Transfer Agreement defaults to the governing law of the underlying ISDA Master Agreement. Parties using a French law governed ISDA Master Agreement should incorporate the ‘Recommended Amendment Provisions for ISDA Clearstream CTA for use with French law ISDA Master Agreement’, which is provided as a standalone document.

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