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ISDA documentation framework—how confirmations and the ISDA definitions fit in

The vast majority of derivative transactions are documented by the standard documentation developed and published by ISDA.

The ISDA documentation framework involves layers of documentation, known as the ISDA documentation architecture:

1. •

   the master agreement is a pre-printed umbrella document which includes the boilerplate provisions for every trade (unless varied by the schedule to the master agreement)

2. •

   the schedule to the master agreement amends and supplements the terms of the master agreement as required by the parties

3. •

   the credit support documents (if applicable)