“The fact that the International Swaps and Derivatives Association has published definitions gives the occasion for [an end user] to knock on a dealer’s door and say, ‘These arrangements have become standard.’ So it’s harder for dealers to claim that they only do this with their larger clients.”
—Fabien Carruzzo, associate at Kramer, Levin, Naftalis, and Frankel, talking about the increase in tri-party custodian agreements for customer collateral as ISDA plans to publish sample provisions for the market to use in negotiations.
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