ISDA 2002 Master Agreement

Anna Iversen, Associate, Norton Rose, London. anna.iversen@nortonrose.com

The 2002 Master Agreement (the “2002 Master Agreement”), the successor to the 1992 ISDA Master Agreement (the “1992 Master Agreement”, and together with the 2002 Master Agreement, the “Master Agreements”), was published by the International Swaps and Derivatives Association, Inc. (ISDA) in January this year. This article provides a summary of the key differences between the 1992 and 2002 Master Agreements. As with any summary, many concepts have been generalised and therefore reference should always be made to the Master Agreements themselves. Capitalised terms that are not defined in this article are given the meaning ascribed to them in the relevant Master Agreement.