ISDA Clearstream Documents

The ISDA Clearstream 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.

2019 Clearstream Documents

There are two versions of the 2019 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.

2016/2017 Clearstream Documents

The 2016 version of the Security Agreement is designed for use where the Clearstream collateral account is in the name of the Security-provider. The 2017 version of the Security Agreement is designed for use where the Clearstream collateral account is in the name of the Security-taker, and this version should be used where the parties intend to use the Recommended Amendment Provisions for Japanese Collateral (“Shichiken”). These may be used with either of the two versions of the Collateral Transfer Agreement.  The Novation Agreement was prepared to allow parties to move from the 2016 version of the Security Agreement to the 2017 version.

Free downloads for ISDA Clearstream Documents (14)