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Clifford Chance

Clifford Chance


ISDA Credit Support Annex: High Court confirms no obligation to account for 'negative interest'

3 August 2018

The English High Court has ruled on whether the standard form ISDA 1995 Credit Support Annex contains an obligation to pay negative interest. The Court's judgment confirms that, where parties have not otherwise agreed how to address negative interest rates, there is no obligation in the CSA on a party transferring eligible collateral in the form of cash to pay or otherwise account for negative interest on that cash.


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