When Documentation for Derivatives was published in 1993, we noted in its Preface that the book’s history reflected the development of the over-the-counter market for derivatives. The first edition, published in 1987, was entitled Swap Documentation, illustrated the kinds of documents being used at the time for interest rate and currency swaps and analyzed the main concerns raised by those documents. The second edition was published in 1988, after the International Swaps and Derivatives Association, Inc. (“ISDA”) — then called International Swap Dealers Association, Inc. — published its first two master swap agreement forms. With ISDA’s permission, that volume included an annotated sample version of one of those forms; it also continued to illustrate other approaches to the documentation of rate and currency swaps.
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