It is now more than half a year since the International Swaps and Derivatives Association (ISDA) published its 2002 Master Agreement, the successor to its 1992 Master Agreement (Multicurrency-Cross Border) (seeThe Treasurer, May 2003, p17). In that time, many participants in the over-the-counter (OTC) derivatives markets have been busy reviewing the new agreement and developing standard policies in preparation for using it.
