ISDA and FIA Cleared Derivatives Execution Agreement and Addendum


Produced in partnership with Assia Damianova of Cadwalader, Wickersham & Taft LLP
Practice notes

ISDA and FIA Cleared Derivatives Execution Agreement and Addendum


Produced in partnership with Assia Damianova of Cadwalader, Wickersham & Taft LLP

Practice notes

Clearing Requirements have brought about significant changes to Derivatives documentation. While uncleared derivatives continue to be governed by an International Swaps and Derivatives Association (ISDA) Master Agreement and a Credit Support Annex, cleared derivatives require further documentation such as: (i) clearing agreements, (ii) give-up agreements, and (iii) collateral transformation agreements.

The derivatives industry has created standard forms to assist with the documentation burden arising from putting clearing arrangements in place and generally to assist with complying with the new rules governing derivatives. Those standard documents include classification letters, delegated reporting agreements (both available from the ISDA website) and client clearing documentation for both US and non-US platforms, as well as a number of protocols and standard amendment agreements.

For more information on documenting clearing relationships, see Practice Note: Documenting a derivatives clearing relationship—EU and UK platforms.

The purpose of this Practice Note is to describe the key terms of the 2017 ISDA/Futures Industry Association (FIA) Cleared Derivatives Execution Agreement (the 'Agreement') and the ISDA/FIA Client Cleared over-the-counter

Assia Damianova
Assia Damianova

Cadwalader, Wickersham & Taft LLP

Assia’s practice focuses on complex financing transactions involving a wide variety of asset classes. She has extensive experience of derivative products (including credit default swaps, credit-linked notes, total return swaps, currency and interest rate swaps, equity derivatives, repos and other derivative instruments) and also advises on EMIR compliance and related regulatory issues.

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Jurisdiction(s):
United Kingdom
Key definition:
ISDA definition
What does ISDA mean?

International Swaps and derivatives Association—the international trade association for privately negotiated derivative contracts.

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