Published by the International Swaps and Derivatives Association (ISDA®), this document governs bilateral margin collateral arrangements between parties that have entered into one or more over-the-counter (OTC) derivatives transactions under an ISDA Master Agreement (ISDA Master). The CSA supplements the ISDA Schedule, both of which are incorporated into, supplement, and form a part of the ISDA Master.

Historically, parties have used the 1994 ISDA CSA to document their OTC margin collateral arrangements. However, ISDA has published new CSAs designed to accommodate new global margin rules for uncleared swaps (see Practice Note, The New ISDA® Credit Support Annexes and Global Margin Compliance for Uncleared Swaps).

The New York law CSA consists of 13 Paragraphs (sections). Paragraph 13 is where the parties make certain elections and modifications to the standard, pre-printed terms under Paragraphs 1-12 to specify how their margin collateral relationship under their ISDA transactions is to be governed.

For more information on the ISDA CSA, see Practice Notes, ISDA Documents: Overview (US): The ISDA Credit Support Annex (CSA) and The ISDA® Master Agreement: Checklist of Issues to Consider When Negotiating ISDA Credit Support Annex (CSA) Paragraph 13.