INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION INC

The International Swaps and Derivatives Association (ISDA) is a trade organization for participants in the over-the-counter (OTC) derivatives market. ISDA fosters safe and efficient derivatives markets to facilitate effective risk management for all users of derivatives products. ISDA achieves its mission by representing all market participants globally, promoting high standards of commercial conduct that enhance market integrity, and leading industry action on derivatives issues. ISDA has over 1,000 member institutions from 76 countries, encompassing a wide range of market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. ISDA membership also includes key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses, trade repositories, law firms, accounting firms and other service providers. The ISDA Master Agreement, first published in 1992, is a template used for discussions between a dealer and the counterparty in a derivatives transaction.