Clearing Addendum Annex with a little “je-ne-sais-quoi”

On 1 August 2014, ISDA and the Fédération Bancaire Française (FBF) published an Addendum Annex to the ISDA/FOA Client Cleared OTC Derivatives Addendum.

The annex has been prepared for use with the ISDA/FOA Client Cleared OTC Derivatives Addendum in order to achieve a better connection with the AFB or FBF Master Agreements.

In particular, adjustments are made to the calculation of the settlement amount to include liquidity cost or gain, references are added to the financial contracts and netting regime consistent with the French Monetary and Financial Code (FMFC), and Collateral Standard Terms now point out to the French Law CSA Collateral Terms.

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