Documentation and standard trading conventions

Indra Rajaratnam

3.1 INTRODUCTION

This chapter features the documentation relevant to a CDS transaction in the context of an ISDA Master Agreement and its architecture. It also briefly discusses the interaction between the ISDA Master Agreement and the electronic confirmation platforms, and highlights credit concerns that could arise when a transaction is executed prior to the execution of an ISDA Master Agreement. An outline of the Matrix and the standard trading conventions relating to the relevant transaction types contemplated within the Matrix are also provided. In this respect, the features of a “Standard” transaction type are identified and, in the concluding section of the chapter, the considerations that need to be taken into account when modifications to the ISDA Master Agreement and deviations from the standard trading conventions are made are highlighted. Some of the additional provisions that are contemplated under the Matrix but not specifically covered in subsequent chapters of the book are also outlined.

3.2 MASTER AGREEMENT, SCHEDULE, CONFIRMATION AND CREDIT SUPPORT ARRANGEMENTS

The CDS transaction is typically documented using standard derivative documentation published by

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