Why does the Protocol not cover ISDAs long-form confirmation templates and Bridges?
The Protocol does not provide for amendments to Confirmations based on any of ISDA’s long-form confirmation templates because such Confirmations do not merely incorporate standard sets of definitions and provisions, but are self-contained and are more likely to vary the types of provisions that give rise to the issues addressed in the Protocol than Confirmations based on ISDA’s short-form confirmation templates. However, parties using such Confirmations in connection with a 2002 Master Agreement will want to consider similar issues to those addressed in the Annexes to the Protocol. For example, in the long-form ISDA “Confirmation of OTC Credit Swap Transaction Single Reference Entity Non-Sovereign”, Paragraphs 7(b)(v)(B) and (C) refer to Market Quotation and Loss. The Protocol does not provide for amendments to any of ISDA’s standard form “bridges” for similar reasons. Parties wishing to use a form of ISDA bridge need to negotiate and reach agreement on a number of issues, and the fina
