Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ISDA definition

What does ISDA mean? In legal practice, “ISDA” refers to the International Swaps and derivatives Association, the global industry body for the over-the-counter (OTC) derivatives market. The term is not defined in legislation or case law; it is a descriptive label for the association and its standard derivatives documentation framework. ISDA publishes the ISDA Master Agreement (1992 and 2002 versions), the Credit Support Annex/Deed, Schedules, product Definitions (including the 2021 ISDA Interest Rate Derivatives Definitions and 2014 ISDA Credit Derivatives Definitions), and market Protocols (covering EMIR/UK EMIR compliance, margin, and IBOR fallbacks). This documentation is the market standard for OTC derivatives such as interest...

2002 ISDA Master Agreement Schedule: A Practical Negotiation and Drafting Checklist on Termination, Cross-Default, Specified Transactions, Tax, Credit Support, Notices and Other Key Elections

Published by a LexisNexis Banking & Finance expert

Practice notes

What is the ISDA Schedule?

The International Swaps and Derivatives Association (ISDA) operates a layered documentation framework, often termed the ISDA documentation architecture. For any trade within this framework, the key components are:

master agreement
schedule to the master agreement
credit support documents
confirmation

The ISDA Master Agreement is a standard-form umbrella contract setting out Boilerplate provisions. The Schedule complements and varies the Master Agreement where the parties require. It enables the parties to adapt the Master Agreement to their specific needs by inserting amendments, or by adding alternative or additional terms.

The Schedule is the element of the ISDA Master Agreement that the parties negotiate. The bulk of protection is provided by the Master Agreement itself. If transactions are undertaken before the Schedule has been negotiated and agreed, the Confirmation should specify that a deemed Master Agreement exists. Nonetheless, best practice is to have the Schedule settled and agreed prior to entering into any derivative transaction...

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Web page updated on 21/05/2026

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