The ISDA Master Agreement is a broad contract which sets the
general rules for parties who wish to trade with over-the-counter
(OTC) derivatives and may be used for currency swaps or forwards,
stock swaps, and even interest rates swaps, and as many other
derivatives which may be traded OTC.
Although currency forwards are covered within the ISDA Master
Agreement, these types of transactions are regulated in Paraguay by
the Regulation of Operations Future Purchase and Sale of Foreign
Currency (Currency Forwards). One condition which deserves special
consideration is that the controversies between parties in a
transaction of this type must necessarily be submitted to
Paraguayan jurisdiction if the transaction involves a party
domiciled in Paraguay.
However, the ISDA Master Agreement, as drafted and published,
foresees the possibility to choose the applicable law, which may be
either New York Law or United Kingdom Law, while the mentioned
regulation does not refer to applicable law. This matter takes
great relevance considering the significant differences of the
common law vis-à-vis the Paraguayan legal system.
The attached file contains more information regarding the
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