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The terms of cleared derivatives, in contrast, involve a high degree of standardization The reason for standardization of cleared derivatives is to facilitate the computation of required margin amounts.The following table summarized the distinctions between OTC, cleared, and listed derivatives agreed on the trade date.

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You can, however, bilaterally agree to amend any applicable Master Agreement or Stand-Alone Confirmation as the case may be with your counterparty (the other Adhering Party) and any such subsequent amendments will supersede those made by the Protocol to the extent that they are inconsistent.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.As mentioned above, OTC derivatives are booked bilaterally between the counterparties while cleared derivatives are booked with 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.Third, those who engage in futures transactions assume exposure to default by the exchange’s clearinghouse; for OTC derivatives, the exposure is to default by the counterparty.

Fourth, credit risk mitigation measures, such as regular mark-to-market and margining, are automatically required for futures but optional for swaps.

An Adhering Party may, at any time during the period from January 1 to January 31 of a calendar year, deliver to ISDA a notice specifying the Annual Revocation Date as its cut-off date in respect of amendments with future Adhering Parties.

The effect of such a letter will be to withdraw adherence for future Adhering Parties as of February 15 in that calendar year.

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.

One party to the forward is the buyer (long), who agrees to pay the forward price on the settlement date; the other is the seller (short), who agrees to receive the forward price.