2002 ISDA Master Agreement - Guide to …（2002 ISDA主协议-指南u2026）.pdfVIP

2002 ISDA Master Agreement Guide to Principal Changes slaughter and may March 2003 Introduction On 9 January, 2003, the International Swaps and Derivatives Association, Inc. (“ISDA”) announced the publication of its 2002 ISDA Master Agreement (the “2002 Agreement”). The 2002 Agreement is the result of a review of certain aspects of the 1992 ISDA Master Agreement (the “1992 Agreement”) which began in 1999 in light of market diffi culties experienced in the late 1990s and developments in market practice since publication of the 1992 Agreement. Several working groups were formed by ISDA to prepare amendments to various sections of the 1992 Agreement. Initially it was proposed that such amendments be implemented by means of a Protocol (as the EMU Protocol had worked well in implementing amendments required by the introduction of European Monetary Union). However, it soon became evident that a Protocol approach would be unworkable given the nature and number of proposed amendments. In late 2001, ISDA published a number of standard form amendments to the 1992 Agreement some or all of which parties could choose to incorporate into their 1992 Agreements on a bilateral basis. At about the same time ISDA decided to update the 1992 Agreement and to incorporate the standard form amendments in the updated Agreement. ISDA consulted with a number of market participants on successive drafts of the new master agreement, resulting in publication of the 2002 Agreement. It remains to be seen to what extent, and when, the 2002 Agreement will be accepted as the new market standard agreement for documenting over-the-counter derivatives transactions. It is possible that the 2002 Agreement will be more readily accepted by derivatives dealers than “end users” as the principal changes to the 1992 Agreement have been put forward by the dealer community. Market participants will need to consider carefully the benefi ts of modifying their existing tran