Jurisdiction(s):
United Kingdom and Ireland

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...

1995 ISDA Credit Support Deed (Security Interest—English law): structure, elections, perfection/registration, enforcement, fixed charge recharacterisation risk, 2002 Master Agreement alignment, and 2016/2018 Initial Margin deeds

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Practice notes

What does this Practice note cover?

This Practice Note addresses the 1995 isda Credit Support Deed (Security Interest—English law), the standard-form credit support document for derivatives issued by the International Swaps and Derivatives Association, Inc. (ISDA). Commonly referred to as the English law CSD or simply the English law deed, it is the focus here. This Practice Note outlines the layout and principal characteristics of the English law deed.

Documentation structure of the English law Deed

The English law Deed: a standalone document

The English law Deed operates as an independent instrument. It is not incorporated into the schedule to the master agreement and has to be executed in its own capacity as a deed. It must bear the date on which it is executed, and all formalities relevant to the execution of a deed must be observed (for additional detail, see Practice Note: Executing deeds and simple contracts). It constitutes a credit support document (as that term is used in the isda master agreement). The English law Deed mirrors the formatting of the master agreement and its schedule by pairing unamended boilerplate with a section for elections and modifications...

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Web page updated on 21/05/2026

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