Although the timeline for mandatory clearing of swaps under the Dodd-Frank Act narrows, bilaterally negotiated OTC derivatives remain, and will continue to remain, relevant. The parties to non-cleared OTC transactions will need to negotiate an ISDA Master Agreement to govern the general non-trade specific terms of such transactions: Default, Termination, Netting and also more mundane matters such as notice and governing law provision  must be addressed. This article reviews which of the ISDA Master Agreements may be most appropriate, the main differences between them and provides an analysis of the central provisions that arise in the negotiation thereof.

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