Jurisdiction(s):
United Kingdom

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...

Negotiating the 2002 vs 1992 ISDA Master Agreement: close-out, Events of Default, Illegality and Force Majeure, Credit Event Upon Merger, set-off, interest, representations and notices

Published by a LexisNexis Banking & Finance expert

Practice notes

The International Swaps and derivatives Association, Inc. (isda) issues two standard forms of its widely used master agreement, setting out the terms and conditions governing over-the-counter (OTC) derivatives dealings. The versions are:

the isda master agreement (Multicurrency—Cross Border) (the 1992 Master Agreement); and
the ISDA 2002 Master Agreement (the 2002 Master Agreement).

This Practice Note summarises the principal updates introduced by the 2002 Master Agreement and indicates matters to weigh up when negotiating a 2002 Master Agreement as compared with the 1992 Master Agreement.

Payments on early termination—close-out amount replacing market quotation, loss and first and second methods

The most notable revision to the Master Agreement concerns how sums are determined upon an early termination. By adopting the ‘Close-out Amount’ in the 2002 Master Agreement, two key elections under the 1992 Master Agreement fall away: the choice between ‘Market Quotation’ and ‘Loss’, and the election between the ‘First Method’ and the ‘Second Method’ as mechanisms for calculating amounts owed on early termination. The Close-out Amount concept functions as a compromise that bridges Market Quotation and Loss...

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Web page updated on 21/05/2026

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