1 Documentation and Formalities
1.1 Please provide an overview of the documentation (or
framework of documentation) on which derivatives transactions are
typically entered into in your jurisdiction. Please note whether
there are variances in the documentation for certain types of
derivatives transactions or counterparties; for example,
differences between over-the-counter ("OTC") and
exchange-traded derivatives ("ETD") or for particular
asset classes.
Cayman Islands entities tend to use market-standard
documentation for all types of derivatives transactions. The 1992
and 2002 ISDA Master Agreements, including the appropriate
Schedules and credit support documentation, are commonly used to
document OTC derivatives transactions by Cayman Islands entities.
There are no variances in contractual documentation for different
types of Cayman Islands counterparties and there is typically no
use of any Cayman Islands lawgoverned documentation.
