It is tempting to think most market transactions have their own standard form agreements: if a deal can’t be done under Isda (International Swaps and Derivatives Association) terms, it can’t be worth doing. However, exchange-traded futures and options have only recently received their own standard terms, courtesy of the Futures and Options Association (FOA).
The reason is that derivatives exchanges are among the most heavily regulated markets and so the need for such contracts may not have been obvious.
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