Margin for Uncleared Swaps Toolkit

Practical Law Toolkit w-003-1099 (Approx. 12 pages)

Margin for Uncleared Swaps Toolkit

by Practical Law Finance

Practice Notes

Checklists

The ISDA Master Agreement: 2016 Variation Margin Credit Support Annex (New York Law) Paragraph 13 Checklist
End-User Bilateral Margin Negotiation Checklist
The ISDA Master Agreement: Credit Support Annex (CSA) Paragraph 13 Negotiation Checklist
US Derivatives Regulation: Ongoing Initial Margin (IM) Requirements for Uncleared Swaps Checklist
US Derivatives Regulation: Margin Compliance for Uncleared Swaps Flowchart
US Derivatives Regulation: Swaps Regulatory Tracker: Swap Margin Collateral

Practical Law Resources on ISDA Credit Support Annexes (CSAs)

The resources below provide Practical Law summaries of the ISDA® New York Law credit support annexes (CSAs).

"ISDA" is a registered trademark of the International Swaps and Derivatives Association, Inc. (ISDA). ISDA is not a sponsor of Practical Law and had no part in the development of this resource.

Regulatory CSAs

For information on the ISDA:

2016 VM CSA, see:

2018 IM CSA, see:

2016 IM CSA, see:

1994 CSA, see:

The ISDA Master Agreement: Credit Support Annex (CSA) Paragraph 13 Negotiation Checklist

Practical Law Resources on ISDA Self-Disclosure Letters (SDLs), Protocols, and Other Margin Tools

For information on ISDA margin resources, including SDLs and protocols, that can assist parties with the margin compliance process, see the following Legal Updates:

Practice Note, Global Margin Compliance for Uncleared Swaps: ISDA Margin Compliance Self-Disclosure Letters
Practice Note, Global Margin Compliance for Uncleared Swaps: ISDA 2016 Variation Margin Protocol
Practice Note, Global Margin Compliance for Uncleared Swaps: Other ISDA IM Tools
ISDA Publishes Paper Entitled Mitigating Eligible Collateral Risks: From Documentation to Operations (September 14, 2023)
ISDA Publishes Security-Based Swap (SBS) Initial Margin "Bolt-On" Supplements (September 13, 2021)
ISDA Publishes Updated Regulatory Initial Margin AANA Self-Disclosure Letter (June 18, 2021)
ISDA Publishes US Self Disclosure Letter for Margin Compliance (January 15, 2021)
ISDA Publishes Initial Margin AANA Self-Disclosure Letter (October 31, 2019) – note: superseded by 2021 AANA SDL (see ISDA Publishes Updated Regulatory Initial Margin AANA Self-Disclosure Letter)
ISDA Publishes 2018 Information Letter for Initial Margin (July 11, 2018) – note: superseded by 2021 AANA SDL (see ISDA Publishes Updated Regulatory Initial Margin AANA Self-Disclosure Letter)
ISDA Publishes 2016 Variation Margin Protocol to Help Parties Comply with Margin Rules for Uncleared Swaps (August 16, 2016)
ISDA and IHS Markit Launch ISDA Amend 2.0 to Assist with Margin Compliance and Resolution Stay (August 4, 2016)
ISDA Publishes Self-Disclosure Letter to Help Market Participants Comply with Margin Rules for Uncleared Swaps (June 30, 2016)

Practical Law Legal Updates on UMR Regulatory Activity

July 6, 2022. ISDA Provides Reminder on Upcoming Phase Six Initial Margin Compliance
March 9, 2022. ISDA Issues Reminder on Upcoming Phase Six Uncleared Swap Margin Requirements
December 30, 2021. CFTC Further Extends and Provides New No-Action Relief Relating to LIBOR Transition for Uncleared Swaps
November 9, 2021. ISDA and IHS Markit Issue Reminder on Disclosure for Phase Six Uncleared Swap Initial Margin Requirements
November 8, 2021. SEC Issues New and Amended Security-Based Swap (SBS) Substituted Compliance Orders
October 29, 2021. SEC Issues No-Action Accommodations to Certain Dealers on Security-Based Swap (SBS) Margin and Capital Requirements
October 8, 2021. SEC Issues FAQs on Security-Based Swap (SBS) Margin, Capital, and Segregation Requirements for Broker-Dealers and Security-Based Swap Dealers
August 26, 2021. SEC Issues No-Action Accommodations Regarding Security-Based Swap (SBS) Compliance: SBS IM Relief
December 11, 2020. Prudential Regulators Issue Joint Statement Extending Brexit Margin Relief
December 8, 2020. CFTC Adopts Margin Amendments to Material Swaps Exposure (MSE) Measurement Dates and Minimum Transfer Amounts (MTAs)
December 4, 2020. CFTC Issues No-Action Letters Extending and Providing New Brexit-Related Relief
November 24, 2020. CFTC Issues No-Action Letters Extending and Providing New Brexit-Related Relief
October 22, 2020. CFTC and SEC Hold First Joint Meeting, Approve Joint Final Rule on Security Futures Margin, Request Comment on Portfolio Margining, and Issue Joint Letter Regarding CFTC 'Bad Actor' Orders
October 15, 2020. CFTC Finalizes Phase Six Swap Margin Deadline.
August 31, 2020. CFTC Provides Additional Swap LIBOR-Replacement Relief (No-Action Letter 20-23)
June 19, 2020. Prudential Bank Regulators Adopt Swap Margin Amendments, Including Limited Inter-Affiliate IM Exemption and Extension of IM Implementation Phases Five and Six
May 28, 2020. CFTC Delays Initial Margin (IM) Phase Five Compliance for One Year to September 1, 2021 as a Result of COVID-19
May 19, 2020. CFTC Committee Adopts Uncleared Swap Margin Recommendations with Focus on IM for Small End Users and Separately Managed Accounts (SMAs)
September 17, 2019. Prudential Banking Agencies Propose Modifications to Swap Prudential Margin Rules to Accommodate Revised Global Initial Margin (IM) Phase-In Timeline, Remove Inter-Affiliate IM Requirement, and Exempt Swaps Amended for LIBOR Replacement
July 9, 2019. CFTC Issues Advisory Clarifying Documentation and Other Requirements for Covered Swaps with Counterparties Below $50 Million Phase Five Initial Margin Threshold
June 21, 2019. SEC Adopts Capital, Margin, and Segregation Requirements for Security-Based Swaps
June 6, 2019. CFTC Issues No-Action Relief from Uncleared Swaps Margin Rules for Certain Amendments to Legacy Swaps
March 28, 2019. CFTC Eases Collateral Segregation Requirements for Swap Dealers and MSPs
March 26, 2019. CFTC Approves Uncleared Swap Margin Comparability Determination for Australia and Amends Comparability Determination for Japan
March 25, 2019. CFTC Exempts Brexit-Related Legacy Swap Transfers from CFTC Margin Rules
March 15, 2019. Federal Bank Regulators Exempt Brexit-Related Legacy Swap Transfers from Prudential Margin Rules
March 5, 2019. BCBS and IOSCO Margin Guidance: Legacy Swaps Amended Solely for Benchmarks May Be Exempt from Margin Requirements
November 19, 2018. CFTC Approves Final Rule Amending Uncleared Swap Margin Rules to Align with QFC Rules
September 21, 2018. US Prudential Regulators Amend Swap Margin Rules to Conform to Rules on QFC Netting

For a complete list of Legal Updates on applicable uncleared swap margin regulatory activity, see US Derivatives Regulation: Swaps Regulatory Tracker: Swap Margin Collateral.

"ISDA" is a registered trademark of the International Swaps and Derivatives Association, Inc. (ISDA). ISDA is not a sponsor of Practical Law and had no part in the development of this resource.

Margin for Uncleared Swaps Toolkit | Practical Law