Isda’s ‘master’ master agreement courts controversy

Single master agreement to cover repo, securities lending and derivatives could bring efficiencies, but many remain sceptical

Just as the Queensberry rules govern the sport of boxing, financial contracts in over-the-counter markets follow legal documentation known as master agreements.

Derivatives, repo and securities lending each have their own master agreement, created and maintained by separate industry associations – much like the different belts from rival bodies in boxing.

Now, the International Swaps and