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Collateral Management by Michael Simmons

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CHAPTER 22OTC Derivatives and Collateral – Legal Protection – Credit Support Annex

22.1 INTRODUCTION

A Credit Support Annex (CSA) is an addendum to the legal documentation signed between two parties that intend to execute OTC derivative trades with each other; it is effectively a procedural rulebook for the management of collateral between the two firms.

Its specific purpose is to document the terms and conditions under which the posting of collateral is to occur between the two parties. In most cases, such terms and conditions are applicable to both parties; this is known as a bilateral ...

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