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...

ISDA Master Agreements (1992/2002) and Schedules: Single Agreement, Flawed Asset, Close-out Netting, Representations, Events of Default, Termination, Tax, Undertakings, Governing Law and Jurisdiction

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Practice notes

What does this Practice Note cover?

This Practice Note outlines the principal provisions that apply to both the 1992 ISDA Master Agreement (Multicurrency—Cross Border) (the 1992 Agreement) and the 2002 ISDA Master Agreement (the 2002 Agreement), together with their accompanying schedules. Unless indicated otherwise, any reference here to the master agreements (the ISDA master agreement) should be read as a reference to both the 1992 and 2002 Agreements. For a comparison of the two forms, see Practice Note: ISDA documentation—comparison of the 1992 and 2002 master agreements; for the broader ISDA documentation framework, see Practice Note: Derivatives—ISDA documentation framework.

The key concepts underpinning the ISDA master agreement

The ISDA master agreement rests on three core concepts, outlined briefly below:

single agreement
flawed asset
close-out netting

Single agreement

Under ISDA’s documentation architecture, every derivative transaction between a pair of counterparties is captured under one overarching agreement (implemented through multiple layers of documentation), as provided in Section 1(c) of the ISDA master agreement...

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Web page updated on 22/05/2026

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