Industry standard documentation? No industry standard • Exchange contract specifications for exchange traded derivatives • Clearing House rules for cleared derivatives • Documentation for indirect client relationship Industry standard documentation exists • FIA Terms of Business and ancillary modules for clearing broker’s relationship with direct client (although most firms currently diverge from the FIA template) • Documentation for direct client relationship • Bilateral trading and clearing terms for OTC derivatives: ISDA Master Agreement and ancillary modules • Regulatory disclosures and annexes UNRESTRICTED 57