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Commentary on the ISDA Master Agreements



United Kingdom

This memorandum is intended as an introduction to the 1992 (Multicurrency-Cross Border) Master Agreement (the “1992 Agreement”) and the ISDA 2002 Master Agreement (the “2002 Agreement” and, together with the 1992 Agreement, the “Master Agreements”). The Master Agreements are published by the International Swaps & Derivatives Association, Inc. (“ISDA”).

This document is not intended as a comprehensive review nor as a recommendation that a particular type of agreement is or is not suitable for particular transactions. The commentary is based on the 1992 Agreement and where applicable, key differences in the 2002 Agreement are referenced. Detailed commentaries on the Master Agreements can be found in the User’s Guides to the 1992 Agreement and 2002 Agreement published by ISDA.

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