Fia Execution Agreement
Following the acceptance by the competent clearing organisation of a derivatives transaction for clearing, it is considered that each Party A and Part B have entered into separate cleared derivatives transactions governed by the applicable agreement with their respective clearing member (unless Party A and/or B are already clearing members of the clearing organisation concerned) and that each Party has no other rights or obligations by relationship to the other with regard to the corresponding derivatives transaction. The Cleared Derivatives Execution Agreement is a model intended to be used by participants in cleared swaps when negotiating execution agreements with counterparties for swaps that will be cleared. The memorandum contains, together with its annex, important information regarding the use of the Cleared Derivative Execution Agreement, a brief description of the intent of each of the sections of the Cleared Execution Agreement, which is unique for the performance of a sovereign credit swap agreement, and a comparison of the execution agreements. As soon as possible, but in any event within thirty minutes of execution, Party A shall transmit the details of the relevant derivative transaction(s) electronically to an agreed distribution system. This document has been updated to reflect the new timing under MIFID II for the transmission of information on cleared derivative transactions between counterparties on a bilateral basis. A blackline comparison with the 2016 version is published next to this document. .