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AFMA Guide to the Australian OTC Transactions Application Form
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1. About this guide
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1. About this guide
1.1 Background to the guide
1.2 Legal opinions overview
1.3 Cautions and Update
1.4 Help Topics
2. Master Agreements
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2. Master Agreements
2.1 ISDA
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2.1 ISDA
2.1.1 What is ISDA?
2.1.2 ISDA Documentation Architecture
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2.1.2 ISDA Documentation Architecture
2.1.2.10 Which version of the ISDA Master Agreement should be used?
2.1.2.20 Differences between 1992 and 2002 ISDA Master Agreements
2.1.2.30 The opening paragraph of the ISDA Master Agreement
2.1.2.40 ISDA publications
2.1.3 Commentary on ISDA Master Agreement
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2.1.3 Commentary on ISDA Master Agreement
2.1.3.10 General commentary
2.1.3.20 Australian specific commentary
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2.1.3.20 Australian specific commentary
AFMA Guide to the Australian OTC Transactions Application Form
2.1.4 Schedule to the ISDA Master Agreement
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2.1.4 Schedule to the ISDA Master Agreement
2.1.4.10 Parties
2.1.4.20 Part 1 Termination Provisions
2.1.4.30 Part 2 Tax Representations
2.1.4.40 Part 3 Agreement to Deliver Documents
2.1.4.50 Part 4 Miscellaneous
2.1.4.60 Part 5 Other clauses - with commentary - recommended
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2.1.4.60 Part 5 Other clauses - with commentary - recommended
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
2.1.4.70 Part 5 Other Clausess - with Commentary - Optional
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2.1.4.70 Part 5 Other Clausess - with Commentary - Optional
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
2.1.4.80 Part 5 Other clauses - without commentary
2.1.5 Commentary on the ISDA Definitions
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2.1.5 Commentary on the ISDA Definitions
2.1.5.10 Which version of the ISDA Definitions should be used?
2.1.5.20 Differences between 2000 Definitions and 2006 Definitions
2.1.6 2009 ISDA Close-out Amount Protocol
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2.1.6 2009 ISDA Close-out Amount Protocol
2.1.6.10 Close-out Amount Protocol
2.1.6.20 KWM letter on the Close-out Amount Protocol
2.1.7 2005 ISDA Commodity Definitions
2.2 GMRA
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2.2 GMRA
2.2.1 Use of the GMRA in the Australian market
2.2.2 1995 GMRA
2.2.3 2000 GMRA
2.2.4 2011 GMRA with AFMA Annex I
2.2.5 GMRA Documents
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2.2.5 GMRA Documents
2.2.5.10 1995 GMRA
2.2.5.20 2000 GMRA
2.2.5.25 2011 GMRA
2.2.5.30 GMRA and Australian Annexes Opinion
2.2.5.50 RITS Regulations
2.3 AMSLA/GMSLA
3. Products
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3. Products
3.1 Confirmations (including long form confirmations)
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3.1 Confirmations (including long form confirmations)
3.1.1 Confirmations under an ISDA Master Agreement
3.1.2 Long form confirmations
3.2 Interest rate products
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3.2 Interest rate products
3.2.1 Interest rate swaps
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3.2.1 Interest rate swaps
3.2.1.10 The basics and Australian specific commentary
3.2.1.20 Confirmation with commentary
3.2.1.30 Confirmation without commentary
3.2.1.40 Confirming through Austraclear
3.2.2 Interest Rate Swaptions
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3.2.2 Interest Rate Swaptions
3.2.2.10 The basics and Australian specific commentary
3.2.2.20 Confirmation with commentary
3.2.2.30 Confirmation without commentary
3.2.3 Australian Dollar Overnight Index Swaps
3.2.4 Interest rate caps, collars and floors
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3.2.4 Interest rate caps, collars and floors
3.2.4.10 The basics and Australian specific commentary
3.2.4.20 Interest rate cap confirmation with commentary
3.2.4.30 Interest rate cap confirmation without commentary
3.2.4.40 Interest rate collar confirmation with commentary
3.2.4.50 Interest rate collar confirmation without commentary
3.2.4.60 Interest rate floor confirmation with commentary
3.2.4.70 Interest rate floor confirmation without commentary
3.2.5 Forward rate agreements (FRA)
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3.2.5 Forward rate agreements (FRA)
3.2.5.10 The basics and Australian specific commentary
3.2.5.20 Guide for completing Confirmations for A$ FRAs
3.2.5.30 Guide for completing Confirmations for Non-A$ FRAs
3.3 Currency products
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3.3 Currency products
3.3.1 Currency swaps
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3.3.1 Currency swaps
3.3.1.10 The basics and Australian specific commentary
3.3.1.20 Confirmation with commentary
3.3.1.30 Confirmation without commentary
3.3.2 Currency options
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3.3.2 Currency options
3.3.2.10 The basics and Australian specific commentary
3.3.2.20 Australian Addendum and the 1998 FX and Currency Option Definitions
3.3.2.30 Confirmation for Deliverable Currency Option with commentary
3.3.2.40 Confirmation for Deliverable Currency Option without commentary
3.3.2.50 Confirmation for Non-Deliverable Currency Option with commentary
3.3.2.60 Confirmation for Non-Deliverable Currency Option without commentary
3.3.2.70 Sample Surrender Confirmation for Currency Option with commentary
3.3.2.80 Sample Surrender Confirmation for Currency Option without commentary
3.3.3 Foreign Exchange Transactions
3.4 Credit Derivatives
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3.4 Credit Derivatives
3.4.1 Legal opinion on the 2003 ISDA Credit Derivatives Definitions and the March 2009 Supplement
3.4.2 Legal opinion on CDS Big Bang Protocol
3.4.3 Legal opinion on CDS Small Bang Protocol
3.4.4 Legal opinion on the 2014 ISDA Credit Derivatives Definitions
3.5 Equity Derivatives
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3.5 Equity Derivatives
3.5.1 Legal opinion prepared by KWM
3.6 Securities lending
3.7 Repos
3.8 Electricity
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3.8 Electricity
3.8.1 Introduction
3.8.2 Types of Transactions
3.8.3 How to document electricity transactions
3.8.4 Notes on June 2006 Australian Electricity Addendum
3.8.5 Notes on the 2005 ISDA Commodity Definitions
3.8.6 AFMA Electricity Addendum
3.8.7 Additional Clauses
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3.8.7 Additional Clauses
3.8.7.1 Recommended incorporation clauses
3.8.7.2 Additional credit support
3.8.7.3 Optional generator clauses
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3.8.7.3 Optional generator clauses
AFMA Guide to the Australian OTC Transactions Application Form
AFMA Guide to the Australian OTC Transactions Application Form
3.8.7.4 1992 ISDA Master Agreement
3.9 Environmental products
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3.9 Environmental products
3.9.1 Introduction
3.9.2 Description
3.9.3 Documenting Environmental Products Transactions
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3.9.3 Documenting Environmental Products Transactions
3.9.3.10 Commentary on the AFMA Environmental Products Addendum
3.9.3.20 Commentary on Standard Form Fixed Forward Confirmation
3.9.3.30 Commentary on Standard Form Option for the Fixed Forward Sale of Environmental Products
3.9.3.40 Commentary on the AFMA Environmental Products Spot Contract
3.9.4 Documents
3.10 Gas
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3.10 Gas
3.10.1 Introduction
3.10.2 Description
3.10.3 Using the AFMA Gas Addendum
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3.10.3 Using the AFMA Gas Addendum
3.10.3.1 Commentary – AFMA Gas Addendum
3.10.3.2 Commentary – STTM/DWGM Confirmation
3.10.3.3 Commentary – Wallumbilla Confirmation
3.10.4 AFMA Gas Addendum
3.11 Carbon
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3.11 Carbon
3.11.1 Introduction
3.11.2 Description
3.11.3 Documenting Environmental Products Transactions
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3.11.3 Documenting Environmental Products Transactions
3.11.3.10 Commentary on the AFMA ACCU Master Agreement
3.11.3.20 Commentary on the AFMA ACCU Spot Agreement
3.11.3.30 Commentary on the AFMA ACCU Forward Contract
3.11.4 Documents
3.11.5 Additional Clauses
3.8.7.3.1.1 Introduction
3.8.7.3.1.2 Rationale and principles for regulatory disruption provision
3.8.7.3.1.3 Notes on the Regulatory Disruption clause
3.8.7.3.1.4 Regulatory Disruption clause - optional
3.8.7.3.2.1 Rationale and principles for force majeure provision
3.8.7.3.2.2 Notes on the Force Majeure Provision
3.8.7.3.2.3 Force Majeure provision
4. Issues
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4. Issues
4.1 Regulation
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4.1 Regulation
4.1.1 Australian Financial Services Legislation
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4.1.1 Australian Financial Services Legislation
4.1.1.10 What is a derivative under the Corporations Act
4.1.1.20 When an Australian Financial Services Licence is needed for derivatives
4.1.1.30 Documents and disclosure
4.1.2 Foreign exchange regulation
4.1.3 Insurance legislation
4.1.4 Gaming and wagering legislation
4.1.5 Trade practices legislation
4.2 Tax/stamp duty
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4.2 Tax/stamp duty
4.2.1 Tax
4.2.2 Stamp Duty
4.3 Netting
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4.3 Netting
4.3.1 Netting under the ISDA Master Agreement
4.3.2 Netting in Australia
4.3.3 KWM legal opinions on Enforceability of Close-out Netting
4.4 Investment managers
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4.4 Investment managers
4.4.1 Contents and summary of this part
4.4.2 Introduction
4.4.3 Legal commentary on the Investment Manager Supplement
4.4.4 Commentary on completing the Investment Manager Supplement
4.4.5 Checklist for using the IMS
4.4.6 Copy of Investment Manager Supplement - Details
4.4.7 Copy of Investment Manager Supplement - Provisions
4.5 Novations
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4.5 Novations
4.5.1 Introduction to novation agreements
4.5.2 Commentary on suggested form of Novation Agreement
4.5.3 Suggested form of Novation Agreement
4.5.4 Commentary on the ISDA Novation Agreement
4.5.5 ISDA 2005 Novation Protocol
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4.5.5 ISDA 2005 Novation Protocol
4.5.5.10 Legal opinion prepared by KWM
4.6 Collateral
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4.6 Collateral
4.6.1 Introduction
4.6.2 Types of credit support documentation
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4.6.2 Types of credit support documentation
4.6.2.10 Overview of ISDA documentation
4.6.2.20 English Annex
4.6.2.30 English Deed
4.6.2.40 New York Annex
4.6.2.50 Margin Provisions
4.6.2.60 ISDA Collateral Asset Definitions
4.6.2.70 2005 ISDA Collateral Guidelines
4.6.2.80 Amendments to the English Annex and New York Annex
4.6.2.90 2002 Master Agreement Protocol
4.6.3 Commentary on ISDA credit support documentation
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4.6.3 Commentary on ISDA credit support documentation
4.6.3.10 Summary of how the English Annex works
4.6.3.20 Summary of how the English Deed works
4.6.3.30 Summary of how the New York Annex works
4.6.3.40 Australian legal opinion
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4.6.3.40 Australian legal opinion
AFMA Guide to the Australian OTC Transactions Application Form
4.6.3.50 Australian specific tax commentary
4.6.3.60 Australian specific stamp duty commentary
4.6.4 Completing the English Annex
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4.6.4 Completing the English Annex
4.6.4.10 Front page
4.6.4.20 Paragraph 11(a) - Base Currency and Eligible Currency
4.6.4.30 Paragraph 11(b) - Credit Support Obligations
4.6.4.40 Paragraph 11(c) - Valuation and Timing
4.6.4.50 Paragraph 11(d) - Exchange Date
4.6.4.60 Paragraph 11(e) - Dispute Resolution
4.6.4.70 Paragraph 11(f) - Distributions and Interest Amount
4.6.4.80 Paragraph 11(g) - Addresses for Transfers
4.6.4.90 Paragraph 11(h) - Other Provisions
4.6.4.100 Additional provisions for the 1992 ISDA Master Agreement
4.6.4.110 Additional provisions for the 2002 ISDA Master Agreement
4.6.5 Issues relating to indirectly held securities
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4.6.5 Issues relating to indirectly held securities
4.6.5.10 Introduction
4.6.5.20 International initiatives
4.6.5.30 Hague Convention
4.6.5.40 UNIDROIT Project
4.7 Unfair Contract Terms
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4.7 Unfair Contract Terms
4.7.1 Introduction
4.7.2 The ISDA EMU Protocol
4.7.3 The July 1998 AFMA issues paper
4.7.4 The KWM legal opinions
4.8 PPSA
4.9 Cases on Derivatives
5. Update Notices
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5. Update Notices
5.1.1 Current updates
5.1.2 updates as at june 30
6. Archive
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6. Archive
6.1 Past Legal Opinions
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6.1 Past Legal Opinions
6.1.2.3 - opinion on GMRAs governed by Australian law
6.1.2.4 - opinion on GMSLAs governed by Australian law and AMSLAs
6.2 IFEMA
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6.2 IFEMA
6.2.1.1 IFEMA - KWM opinion
6.3 Short Form FX Agreement
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6.3 Short Form FX Agreement
6.3.1 AFMA Short Form FX Agreement
6.4 Electricity Documentation
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6.4 Electricity Documentation
6.4.1 Electricity
6.4.2 August 2010 Australian Carbon Benchmark Addendum
6.5 Past Environmental Products Documentation
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6.5 Past Environmental Products Documentation
6.5.1 Environmental Products
6.5.2 Past Environmental Products Documentation - 12 July 2013 JWS Explanatory Note
6.5.3 June 2017 - Environmental products
6.5.4 August 2023 Environmental Products Documents
6.6 Past Gas Documentation
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6.6 Past Gas Documentation
6.6.1 Gas Trading
6.6.2 Australian Gas Trading Addendum (edition July 2013)
6.6.3 Sample confirmation - physical delivery
6.6.4 Sample confirmation - cash settled VIC
6.6.5 Sample confirmation - cash settled STTM
6.6.6 Sample confirmation - cash settled MSV
6.7 Past Carbon Documentation
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6.7 Past Carbon Documentation
6.7.1 AFMA Form of Part [6] and Commentary
6.7.2 AFMA Form of Part [7] and Commentary
6.7.3 Pre-November 2024 Carbon Documentation.
6.8 EMU
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6.8 EMU
6.8.1 Introduction
6.8.2 The ISDA EMU Protocol
6.8.3 The July 1998 AFMA issues paper
6.8.4 The KWM legal opinions