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In contrast with OTC derivatives, listed derivatives are executed over a centralized trading venue known as an exchange and then booked with a central counterparty known as a clearing house.
OTC derivatives counterparties therefore assume credit exposure, known as counterparty credit risk, to each other while cleared derivatives counterparties are exposed to credit risk of the clearing house.
Finally, futures are generally subject to a single regulatory regime in one jurisdiction, while swaps—although usually transacted by regulated firms—are transacted across jurisdictional boundaries and are primarily governed by the contractual relations between the parties.
Various products, including futures contracts and exchange-traded options, fall within the generic category of futures, but all have the common characteristics described above.
ISDA keeps the executed copy of the Adherence Letter for its files and does not share the executed copy with anyone else. If you have the authority to adhere to this Protocol as Agent on behalf of one or more certain Clients, you may include with the Adherence Letter an attachment that names each such Client.
If you cannot or do not wish to name such Clients, then provided that you can identify the adhering Clients by way of specific identifiers which will be known and recognized by all other Adhering Parties with which the relevant Clients have entered into Covered Transactions or Linked Covered Transactions, as applicable, you may identify such Clients using specific identifiers and without including any names.
Second, cleared derivatives always involve the posting of margin to the clearing house by the parties to a trade, while margining by OTC derivatives counterparties is subject to negotiation by the parties.
Finally, the terms of OTC derivatives can be customized to fit the needs of the contracting parties.For swaps, the same characteristics are subject to negotiation by the parties to the contracts.Second, futures contracts are always traded on an exchange, while swaps are traded on a bilateral basis.ISDA only posts on its website the conformed copy of all Adherence Letters.You must also submit an executed, or signed, copy of the Adherence Letter in addition to the conformed copy of the Adherence Letter.You are not required to send your original Adherence Letter(s) by mail to ISDA.