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, Annexes and credit support documentation in the usual
market form, 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
law-governed
