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ARTICLE · 28 NOVEMBER 2011

ISDA Releases Key Provisions To The Standard Credit Support Annex Proposal

Borden Ladner Gervais LLP
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On November 3, 2011, the International Swaps and Derivatives Association, Inc. ("ISDA") released key provisions to the Standard Credit Support Annex ("SCSA") proposal.

CanadaFinance and Banking
Carol Derk
Carol Derk
K. Ruth Liu
K. Ruth Liu
Stephen Redican
Stephen Redican
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On November 3, 2011, the International Swaps and Derivatives Association, Inc. ("ISDA") released key provisions to the Standard Credit Support Annex ("SCSA") proposal. This is part of ISDA's initiative in improving standardization of over-the-counter ("OTC") derivative transactions, which in turn supports the overall goal of increasing efficiency in the derivative markets.

REASONS FOR THE SCSA PROPOSAL

Currently, the Credit Support Annex ("CSA") allows for a great deal of flexibility in parties' arrangements regarding collateralization of their trades. Parties can decide on, among other things, the type of assets that may be posted as collateral, haircuts, the relevant currencies, valuation time and date and the interest rate applicable. This flexibility means parties can customize the collateral arrangement according to their needs and wishes; however, it also means dealing with the complexity of multiple currencies and mismatches in settlement time

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