User`s Guide To The 2002 Isda Master Agreement
The protocol was open to ISDA members and non-members who did not need to conclude a 2002 agreement to accede to it. The decisions taken in the annex letter will take effect if the Contracting Parties implement a 2002 agreement in the future, even after the end of the Protocol on 1 June (after a three-month extension by ISDA). 287 market participants have complied with the Protocol. At the time, ISDA expected that the 2002 agreement would be quickly taken over by North American institutions for the new counterparts, but that progress would be slower in Europe and Asia. Just in case, it was quite slow everywhere. On 27 November 2001, the International Swaps and Derivatives Association distributed to its members the first draft of a new version of the ISDA Framework Agreement (the 2002 Agreement). This was done by several mass assemblies in London and New York and five other projects before its publication on January 8 last year. About 100 of their 600 members were involved. .