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The ISDA Master Agreement and CSA: close-out weaknesses exposed in the banking crisis and suggestions for change

January 2009
Mayer Brown Article
Th e derivatives exposure of Lehman entities, Kaupthing, Glitinir and Landsbanki is and was huge. According to its administrators, the London arm of LehmanBrothers alone had roughly 8,000 ISDA Master Agreements in place with around 67,000 open trades under them when it went into administration.
This article was first published in and is reproduced with the kind permission of Butterworths Journal of International Banking Law, January 2009

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