On 27 November 2001, the International Swaps and Derivatives Association distributed to its members the first draft of the new version of the Masteragrement ISDA (the 2002 agreement). This led to several mass meetings in London and New York and five other projects before being published on 8 January last year. About 100 of the 600 members participated. Finally, many documents must be recycled in the 2002 agreement. Some received market training 18 months or more ago, pending faster implementation of the 2002 agreement. Dissatisfaction/suspicion of provisions contained in the 2002 agreement This time, ISDA indicated that there was no obligation to amend the 2002 agreement. The market is familiar with the 1992 agreement and, in this case, familiarity is more a source of consolation than contempt. Please choose whether other users should see in your profile that this library is one of your favorites. Since then, the pressure of day-to-day work has, in many cases, delayed the implementation of the 2002 agreement.

The 2002 agreement is increasingly used by structured transactions, but only when the company`s counterparty or its external advisor requires it. There are supporters and opponents of the shorter deadlines of the 2002 agreement, the payment measure for the amount of the close-out and the availability of Force Majeure Event. These important issues will, of course, be resolved by possible negotiations on the 2002 agreement. By the publication of the Master Agreement Protocol of 2002 and 5. 2002 Master Agreement Protocol and Bilateral Forms of Amendment … 3 6. Implementation and use of the architecture of 2002 …. 4 ISDA 2002 Master Contract Use Manual – The major banks have generally prepared their timetables for 2002, but only commit at the request of the counterparty. The institutions that vigorously promoted the 1992-93/94 agreement and had to wait many months to complete it are reacting more reactively. Many are waiting for the major banks to obtain the authorizations of the political committee for the implementation of the 2002 agreement before sending them their calendars for 2002 or reviewing their own.