Negotiating, Tailoring and Using the

1992 and 2002 ISDAŽ Master Agreements

Thursday, May 19, 2005

About

Navigating the ISDAŽ Master Agreement can be a daunting task, even for the most seasoned professional. Whether you are involved in foreign exchange, equity, credit or commodity derivatives, the ISDAŽ Master Agreement is a key document to establishing trading relationships. A full understanding of the ISDAŽ Master Agreement is critical to ensure that you are adequately protecting your firm when you are trading these financial instruments.

When originally proposed, the 2002 ISDAŽ Master Agreement was meant to replace the 1992 ISDAŽ Master Agreement as the industry standard document for establishing financial trading relationships. Though that was the intent, there are many market participants who prefer and continue to use the 1992 ISDAŽ Master Agreement. While there is this continuing split between those who prefer the 1992 Master Agreement versus 2002 Agreement, it is very important for you to understand the similarities and differences within each Agreement.

The American Conference Institute has developed a publication that will give you the tools to ensure that you are most effective in negotiating, tailoring and using the ISDAŽ Master Agreement. The publication will provide you with in-depth and practical information on:

  • The different Events of Defaults and Termination provisions of the ISDAŽ
  • Solutions to key concerns when negotiating Additional Termination Events (ATEs)
  • Differences between the 1992 and the 2002 ISDAŽ Master Agreement
  • Whether a Force Majeure provision is right for your firm
  • Collateral provisions of the CSA
  • Contents & Contributors

    About

    Navigating the ISDAŽ Master Agreement can be a daunting task, even for the most seasoned professional. Whether you are involved in foreign exchange, equity, credit or commodity derivatives, the ISDAŽ Master Agreement is a key document to establishing trading relationships. A full understanding of the ISDAŽ Master Agreement is critical to ensure that you are adequately protecting your firm when you are trading these financial instruments.

    When originally proposed, the 2002 ISDAŽ Master Agreement was meant to replace the 1992 ISDAŽ Master Agreement as the industry standard document for establishing financial trading relationships. Though that was the intent, there are many market participants who prefer and continue to use the 1992 ISDAŽ Master Agreement. While there is this continuing split between those who prefer the 1992 Master Agreement versus 2002 Agreement, it is very important for you to understand the similarities and differences within each Agreement.

    The American Conference Institute has developed a publication that will give you the tools to ensure that you are most effective in negotiating, tailoring and using the ISDAŽ Master Agreement. The publication will provide you with in-depth and practical information on:

  • The different Events of Defaults and Termination provisions of the ISDAŽ
  • Solutions to key concerns when negotiating Additional Termination Events (ATEs)
  • Differences between the 1992 and the 2002 ISDAŽ Master Agreement
  • Whether a Force Majeure provision is right for your firm
  • Collateral provisions of the CSA
  • Contents & Contributors


    ASSET SWAPS, CREDIT DEFAULT SWAPS, TOTAL RETURN SWAPS
    Devi S. Koya, Partner, McDermott Will & Emery LLP

    UNDERSTANDING THE DIFFERENCES BETWEEN THE 1992 AND 2002 ISDAŽ MASTER AGREEMENTS
    Adele M. R. Raspé, XL America

    UNDERSTANDING THE DIFFERENCES BETWEEN THE 1992 AND 2002 ISDAŽ MASTER AGREEMENTS
    Craig Stein, Schulte Roth & Zabel LLP

    EXAMINING CLOSE-OUT AMOUNT MECHANICS
    Gary Rosenblum, Merrill Lynch
    Tim Andrews, HSBC Bank
    Ray Shirazi, Cadwalader, Wickersham & Taft LLP
    Michael Macchiarola, Cadwalader, Wickersham & Taft LLP

    NEGOTIATING THE CREDIT SUPPORT ANNEX (CSA) -- ARM CONTROL FOR "FINANCIAL INSTRUMENTS OF MASS DESTRUCTION"
    Warren Davis, Sutherland, Asbill & Brennan

    INTEGRATING COLLATERAL INTO THE ISDA 1992 & 2002 MASTER AGREEMENTS
    RC Whitehead, Bear Sterns & Co., Inc.

    FORCE MAJEURE
    Donald M. Caiazza, Bank of America

    ISDA'S "BASIC SET-OFF PROVISION"
    Stephen McMorran, Credit Suisse First Boston

    END-USERS' CONSIDERATIONS WHEN REVIEWING ATES AND CALCULATION AGENT PROVISIONS
    Christopher Appler, General Counsel, Drake Management LLC

    BANKRUPTCY: RECENT DEVELOPMENTS AND STRATEGIES TO PROTECT YOURSELF
    Wilbur F. Foster, Jr., Milbank, Tweed, Hadley & McCloy LLP

    SET-OFF AND THE ISDA MASTER AGREEMENT
    Michael Mask, UBS Investment Bank

    RECENT TRENDS IN DOCUMENTING COMMODITIES TRANSACTIONS
    Ed Zabrocki, Morgan Stanley & Co., Inc.

    TERMINATION AND SETOFF RIGHTS INDERIVATIVES TRANSACTIONS UNDER STATE INSURANCE INSOLVENCY LAWS
    Sherri Venokur, Strook & Stroock & Lavan, LLP
    William D. Latza, Strook & Stroock & Lavan, LLP
    Fred Garsson, Strook & Stroock & Lavan, LLP

    MASTER AGREEMENT CONSIDERATIONS IN DEALING WITH U.S. INSURANCE COMPANIES AND WITH NON-US COUNTERPARTS
    Stephen Kruft, Swiss Re Financial Services Corporation



    DOCUMENT TYPES: PRESENTATIONS AVAILABLE: 0