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A Credit Support Annex (CSA) is a legal document that regulates credit support for derivative transactions.Effectively, a CSA defines the terms under which collateral is posted or transferred between swap counterparties to mitigate the credit risk arising from in the money derivative positions.
ISDA also produces a credit support annex which further permits parties to an ISDA Master Agreement to mitigate their credit risk by requiring the party which is 'out-of-the-money' to post collateral (usually cash, government securities or highly rated bonds) corresponding to the amount which would be payable by that party were all the ...
The English law Credit Support Annexes are Confirmations, and the transactions constituted by them are Transactions, under the Master Agreement and therefore form part of the single agreement together with the Master Agreement. The English law Credit Support Deed, on the other hand, is a separate agreement between the parties.
where is the discount factor of the payment date upon which the cash for difference is physically settled, which, in modern pricing theory, will be dependent upon which discount curve to apply based on the credit support annex (CSA) of the derivative contract.
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Credit enhancement is the improvement of the credit profile of a structured financial transaction or the methods used to improve the credit profiles of such products or transactions. It is a key part of the securitization transaction in structured finance , and is important for credit rating agencies when rating a securitization .
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ISO/IEC 7813 is an international standard codified by the International Organization for Standardization and International Electrotechnical Commission that defines properties of financial transaction cards, such as ATM or credit cards. [1]