ISDA Schedule and Credit Support Annexes

The ISDA Master Agreement is a standardized industry-accepted agreement pursuant to which parties can enter into over-the-counter derivative trades. Initially published in 1987, the ISDA Master Agreement was substantially amended and republished in 1992 and then again in 2002. The 1992 form and the 2002 form are both commonly used.

Changes or additions to the pre-printed form ISDA Master Agreement as well as the menu type elections required by the pre-printed form are set out in a Schedule to the ISDA Master Agreement. The Schedule to the ISDA Master Agreement may also include a standard form collateral agreement – the Credit Support Annex (CSA) which enables parties to an ISDA Master Agreement to receive and provide collateral, so as to reduce counterparty credit risk. The CSA is a bilateral form agreement that provides for bilateral margining. ISDA publishes a number of different CSAs. The ISDA documentation can be found on the ISDA website.