The International Swaps and Derivatives Association plans to draft user guides for the master agreement and the credit and equity derivatives definitions. Kimberly Summe, general counsel in New York, expects to have a first draft of the master agreement guide late next month, with the draft equity and credit guides coming out in April. These will then go through the various committees and should be finished in around nine months.
The user guides are designed to explain to derivatives practitioners, especially new entrants, how the provisions relate to each other. Summe stressed that the guides are not meant to be interpretative.
