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1.1 Background to the guide

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In 1987 the International Swaps and Derivatives Association, Inc. developed a standard Master Agreement for use in risk management markets. The AFMA Guide to Australian OTC Transactions ("the Guide") was first published in 1990 as a guide to members of AFMA for using that document when the parties wanted to specify the governing law as the law in force in one of the Australian states or territories.

The options available to parties wanting to participate in risk management markets has expanded significantly since 1990, with the ISDA Master Agreement being updated with new 1992 and 2002 versions, new master agreements being released by other organisations, new products being introduced to the industry and significant changes to the regulatory structure affecting risk management products.

The Guide has been prepared and updated by King & Wood Mallesons (with the exception of 3.11 "Environmental products" and 3.12 "Gas Transactions" which have been prepared by and updated by Johnson Winter & Slattery) under instructions from the AFMA Documentation Committee ("the Committee"), member firms of which are elected every two years by AFMA Financial Markets members directly involved in documenting financial markets transactions. The Committee typically has representatives from domestic and international banks, state treasury corporations and funds managers.