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...

ISDA Credit Support Annex (Security Interest—New York law): key terms, collateral mechanics, Paragraph 13 elections, SCSA overview, and IM/VM margin arrangements

Published by a LexisNexis Banking & Finance expert

Practice notes

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Use of the Annex with ISDA Master Agreement and Schedule—the obligation to post Collateral

In contrast with the English law Credit Support Annex (CSA) to the ISDA Master Agreement, the New York law CSA contemplates that Liabilities are secured by way of a pledge rather than through a transfer of title. Accordingly, when adopting a New York law CSA, the essential point is that a party delivering collateral for liabilities under the ISDA Master Agreement grants a security interest only and does not transfer legal title. This reflects the approach taken by the English law Credit Support Deed. For the documentation to be fully effective, a CSA governed by New York law should be used together with an ISDA Master Agreement and Schedule governed by New York law.

Because derivative agreements take value from underlying financial instruments or references that may experience price movements, the parties may, at various stages in their trading relationship, alternate between debtor and creditor. That dynamic can, in turn, produce changing obligations to deliver collateral, with requirements increasing or decreasing over time as exposures fluctuate, and with collateral therefore being held as security under a pledge framework rather than as property transferred outright...

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Web page updated on 21/05/2026

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