What is the relationship between the 2001 ISDA Margin Provisions and the 2001 ISDA Credit Support Protocol?
The 2001 ISDA Credit Support Protocol offers counterparties the ability to amend the 1994 ISDA Credit Support Annex (New York law) and/or the 1995 ISDA Credit Support Annex (English law) in order to take advantage of significant operational changes effected in the 2001 ISDA Margin Provisions, such as transfer timing, dispute resolution and substitutions or exchanges related to credit support. The 2001 ISDA Margin Provisions are more far-reaching than the amendments contemplated by the 2001 ISDA Credit Support Protocol, in that they offer a new architecture for credit support documentation by providing in one document an integrated set of mark-to-market operational provisions with the different legal approaches and choices of governing law available in three out of the four credit support documents (excluding the 1995 ISDA Credit Support Deed). The 2001 ISDA Margin Provisions also employ a greater use of plain English in the terminology, making it easier for new entrants and non-lawyers
