Isda publishes second new master agreement draft

The International Swaps and Derivatives Association (Isda) has published a second draft of its proposed new master agreement. This is in response to feedback and suggestions from industry participants to a first draft sent out at the end of November.

Kimberly Summe, Isda's general counsel, said changes to the second draft included alterations to tax and technology aspects of the proposed new master agreement. Summe said she received more than 40 comment letters from market participants and also conducted a large number of conference calls to gain further feedback.

There is also a new force majeuer clause that sets out a framework to allow suspension of payments and deliveries following a catastrophic event, such as a natural disaster or