Work didn’t end with the creation of the master agreement, however, and ISDA has played a continuing role educating counterparties about the importance of utilizing master agreements. As time passes, I have come to appreciate more and more the role that infrastructure elements play in fostering the growth of markets.
ISDA has developed standard documentation for some credit derivatives, for example, which should aid in the development of that product. Collateral agreements are another development that shows great promise for helping market participants manage their credit risk and for facilitating growth of the market. Here also, ISDA has made useful contributions.