1, ISDA agreement is the standard agreement text and its attached documents provided by the International Swaps and Derivatives Association for international OTC derivatives transactions. The International Swaps and Derivatives Association was founded in 1985, and currently has more than 800 members from 56 countries. Its branches are all over the United States, Europe, Hong Kong, Singapore and Tokyo. ISDA agreement documents include master agreement, schedule, credit support annex (CSA), transaction confirmation and various product definitions. Up to now, there are three versions of the master agreement: 1987, 1992 and 2002. The most commonly used version is the 2002 version, but the 1992 version is similar to it, and the 1992 version has not completely withdrawn from the market. Product definitions include ISDA in 2006, fund derivatives in 2006, commodity derivatives in 2005, credit derivatives in 2003, stock derivatives in 2002 and foreign exchange and foreign exchange options in 1998.

2. ISDA Agreement stipulates that the legal effect of the transaction confirmation is greater than that of the annex, and the legal effect of the annex is greater than that of the main agreement. If there is any conflict between the terms of the master agreement and the annex, the annex shall prevail. If the attachment is different from the transaction confirmation, the transaction confirmation shall prevail. That's understandable. The transaction confirmation is the final transaction document, and the main agreement and annex are signed in advance. In addition, the annex is a personalized agreement between the two parties to the transaction after consultation on specific terms, including breach of contract terms, which is a supplement and amendment to the main agreement, which is completely standard text.