ISDA 2016 Variation Margin Protocol

To adhere to the Protocol and for FAQs and other information regarding the Protocol, please go to our Protocol Management page.

For a description of the documents below, please see “How is the Protocol structured? What is the purpose of the different Protocol documents?” on the Protocol FAQs page.


DateTitle / DescriptionDocuments
March 17, 2017
MTA Amendment Agreement
This form of agreement may be used by two parties to amend the minimum transfer amounts (“MTAs”) that are produced when parties use the Protocol plus applicable supplements to produce a New CSA that provides for either “gross/gross” or “gross/net” margining. The New CSA produced by the Protocol in this scenario includes two separate delivery/return amounts rather than the single delivery/return amount that normally applies. Under this scenario, the Protocol splits the MTA selected by the parties through matched Questionnaires and allocates 50% of the originally selected MTA to each delivery/return amount as a “gross MTA” or “net MTA”. This agreement allows the parties to replace that approach by defining a “gross MTA” or “net MTA” to equal the full amount of the originally selected MTA (or insert a different amount).
MTA Amendment for Gross Margining CSAs.doc
December 5, 2016
ISDA 2016 Variation Margin Protocol Questionnaire – Japanese Translation (For Educational Purposes Only)
VM Protocol Questionnaire_Jtran.pdf
August 16, 2016
ISDA 2016 Variation Margin Protocol; Revised EMIR Supplemental Rules Exhibit (Dec. 16, 2016); Japanese Notification Time Amendments Supplemental Rules Exhibit (Jan. 13, 2017); Australia Rules Supplemental Rules Exhibit (Jan. 20, 2017); Non-netting Supplemental Rules Exhibit (Jan. 20, 2017); Segregation Amendments Supplemental Rules Exhibit (Jan. 26, 2017); Swiss (FMIA) rules Supplemental Rules Exhibits (May 9, 2017)
1ISDA VM Protocol Agreement.pdf 1REVISED EMIR Supplemental Rules Exhibit.pdf 1JP Notification Time Supplement - Supplemental Rules Exhibit.pdf 1Aus Supplement - Supplemental Rules Exhibit.pdf 1Non-netting - Supplemental Rules Exhibit.pdf 1Seg Amends - Supplemental Rules Exhibit.pdf 1FMIA - Supplemental Rules Exhibit.pdf
August 16, 2016
Form of Questionnaire; Form of Revised EMIR Supplemental Questionnaire (Dec. 16, 2016); Form of Japanese Notification Time Amendments Supplemental Questionnaire (Jan. 13, 2017); Australia Rules Supplemental Questionnaire (Jan. 20, 2017); Non-netting Supplemental Questionnaire (Jan. 20, 2017); Segregation Amendments Supplemental Questionnaire (Jan. 26, 2017); Swiss (FMIA) rules Supplemental Questionnaire (May 9, 2017)
2ISDA VM Protocol Questionnaire.pdf 2REVISED EMIR Supplemental Questionnaire.pdf 2JP Notification Time Supplement - Supplemental Questionnaire.pdf 2Aus Supplement - Supplemental Questionnaire.pdf 2Non-netting - Supplemental Questionnaire.pdf 2Seg Amends - Supplemental Questionnaire.pdf 2FMIA - Supplemental Questionnaire.pdf
August 16, 2016
New CSA Exhibit – New York law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Australia Rules Supplemental Exhibit (Jan. 20, 2017); Non-netting Supplemental Exhibit (Jan. 20, 2017); Segregation Amendments Supplemental Exhibit (Jan. 26, 2017); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
3(NY-NEW) New CSA Exhibit.pdf 3NY law - REVISED EMIR Supplement for New CSA Exhibit.pdf 3Aus Supplement - NY law New CSA.pdf 3Non-netting - NY law New CSA.pdf 3Seg Amends - NY law New CSA.pdf 3FMIA - Supplement for NY-New.pdf
August 16, 2016
Amend/Replicate-and-Amend Exhibit – New York law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Australia Rules Supplemental Exhibit (Jan. 20, 2017); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
4(NY-AMEND) Amend and Replicate & Amend Exhibit.pdf 4NY law - REVISED EMIR Supplement for Amend and Replicate Amend CSA.pdf 4Aus Supplement - NY law Amend.pdf 4FMIA - Supplement for NY-Amend.pdf
August 16, 2016
New CSA Exhibit – English law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Australia Rules Supplemental Exhibit (Jan. 20, 2017); Non-netting Supplemental Exhibit (Jan. 20, 2017); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
5(English law) New CSA Exhibit.pdf 5English law - REVISED EMIR Supplement for New CSA Exhibit.pdf 5Aus Supplement - En law New CSA.pdf 5Non-netting - En law New CSA.pdf 5FMIA - Supplement for En-New.pdf
August 16, 2016
Amend/Replicate-and-Amend Exhibit – English law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Australia Rules Supplemental Exhibit (Jan. 20, 2017); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
6(English law) Amend and Replicate Amend Exhibit.pdf 6English law - REVISED EMIR Supplement for Amend and Replicate Amend CSA.pdf 6Aus Supplement - En law Amend.pdf 6FMIA - Supplement for En-Amend.pdf
August 16, 2016
New CSA Exhibit – Japanese law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Japanese Notification Time Amendments Supplemental Exhibit (Jan. 13, 2017); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
7(J-NEW) New CSA Exhibit.pdf 7Japanese law - REVISED EMIR Supplement for New CSA Exhibit.pdf 7JP Notification Time Supplement - Japanese law New CSA.pdf 7FMIA - Supplement for J-New.pdf
August 16, 2016
Amend/Replicate-and-Amend Exhibit – Japanese law CSA; Revised EMIR Supplemental Exhibit (Dec. 16, 2016); Swiss (FMIA) rules Supplemental Rules Supplemental Exhibit (May 9, 2017)
8(J-AMEND) Amend and Replicate & Amend Exhibit.pdf 8Japanese law - REVISED EMIR Supplement for Amend Replicate and Amend Exhibit.pdf 8FMIA - Supplement for J-Amend.pdf