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ISDA presses the panic button on IM

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

ISDA Publishes WGMR Compliant VM CSAs

Introduction On 14 April 2016 ISDA published the New York law “2016 Credit Support Annex for Variation Margin (VM)” (the “NY-law VM CSA”).  Subsequently, on 29 April 2016 it published the English law “2016 VM Credit Support Annex for Variation Margin (VM)” (the “English-law VM CSA” and together with the NY-law VM CSA, the “VM […]

VM NY CSA has landed

ISDA has yesterday published its long-awaited 2016 Credit Support Annex for Variation Margin for use with New York law. The VM security-interest CSA is the first in a series of new market-standard documentation and will be joined by VM CSAs under English and Japanese law, IM CSAs and a protocol to assist amendment of legacy documents. […]

Another day- another change to the CSA

In yet another development driven by the remorseless exigencies of Regulatory Capital requirements, banks are looking to move currently clearing-exempted clients to cash-only CSAs. In order to bridge the pricing-gap between cash and non-cash collateralised swaps, banks are offering insurers and pension funds the option to post securities with an automatic switch to cash at […]

Cross-currency collateral ousted from SCSA 2

On 6 November 2014, ISDA released the 2014 “Standard” Credit Support Annex, available as always under English law or New York law. This new CSA is meant to coexist with the legacy 1994 CSA and the already out-of-fashion 2013 CSA published only a year ago. What was presented as a tour de force in the […]

BCBS Finds CSA’s Soft Underbelly

Risk Magazine is reporting that the Basel Committee on Banking Supervision’s (BCBS) final “Basel III leverage ratio framework and disclosure requirements”, published on 12 January 2014 may force the restructuring of existing portfolios of credit support annexes (CSA) and looks set to deal a serious blow to the viability of ISDA’s standard credit support annex […]

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