How does the 2002 Master Agreement Protocol work?
The Protocol reflects an innovative procedure which allows for various standardised amendments to be deemed to be made to one or more Pre-2002 Documents when those documents are used in connection with a 2002 Master Agreement. It builds on the principle that parties may agree with one or more other parties that certain terms and provisions will apply to their respective relationships now and/or in the future (unless and until they specifically agree otherwise). The Protocol provides a multilateral mechanism which enables multiple parties to agree that, in respect of any 2002 Master Agreement now or in the future between any two of them, various standardised amendments will apply when certain Pre-2002 Documents are used in connection with that 2002 Master Agreement. Market participants (“Adhering Parties”) indicate their participation in the Protocol arrangement by sending a letter (an “Adherence Letter”) to ISDA’s office in New York or in London. The Adherence Letter allows the Adherin
