long-form confirmation

long-form confirmation
USA
A document that specifies the terms of a derivatives transaction, which functions as both a Schedule to an ISDA Master Agreement and a trade confirmation. Parties to a derivatives transaction may use a long-form confirmation if they wish to engage in a derivatives trade but have not executed an ISDA Master Agreement and therefore have no umbrella agreement in place that governs their trading relationship generally, or who have not varied the terms of an ISDA Master Agreement by using a schedule. The long-form confirmation typically states that it supplements, forms a part of and is subject to the terms of, a standard form ISDA Master Agreement (whether or not one has been executed by the parties) without any schedule. It lists the commercial terms of a transaction that would usually be found in a confirmation in addition to terms that might typically be found in a schedule such as additional termination events or events of default (event of default).
See also

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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