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/FIA Cleared Derivatives: English law Execution Agreement and Client Cleared OTC Derivatives Addendum: key terms, procedures, termination and default mechanics, transfers, and FIA Indirect Clearing Terms (UK/EU)

Published by a LexisNexis Banking & Finance expert

Practice notes

Clearing Requirements have brought about significant changes to Derivatives documentation.

Uncleared derivatives remain subject to an International Swaps and Derivatives Association (ISDA) Master Agreement together with a Credit Support Annex, whereas cleared derivatives call for additional paperwork, including:

clearing agreements
give-up agreements
collateral transformation agreements

To reduce the documentation burden of putting clearing arrangements in place, and to help with compliance with the new derivatives rules, the industry has produced standard forms. These encompass classification letters and delegated reporting agreements (both available from the ISDA website), plus client clearing documentation for both US and non-US platforms, as well as a range of protocols and standard amendment agreements.

For more information on documenting clearing relationships, see Practice Note: Documenting a derivatives clearing relationship—EU and UK platforms. This Practice Note sets out the key terms of the 2017 ISDA/Futures Industry Association (FIA) Cleared Derivatives Execution Agreement (the 'Agreement') and the ISDA/FIA Client Cleared over-the-counter (OTC) Derivatives Addendum (the 'Addendum'). Both the Agreement and the Addendum are available on ISDA’s website...

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Assia Damianova

Cadwalader, Wickersham & Taft LLP

Assia’s practice focuses on complex financing transactions involving a wide variety of asset classes. She has extensive experience of derivative products (including credit default swaps, credit-linked notes, total return swaps, currency and interest rate swaps, equity derivatives, repos and other derivative instruments) and also advises on EMIR compliance and related regulatory issues....

Web page updated on 29/05/2026

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