On October 22, 2009, the International Swaps and Derivatives Association, Inc. (“ISDA”), the Securities Industry and Financial Markets Association (“SIFMA”) and the Managed Funds Association (“MFA”) announced the publication of the “Independent Amount Whitepaper” (the “Whitepaper”).  The Whitepaper is one of the deliverables described in the derivatives industry letter to the Federal Reserve Bank of New York and certain other regulators dated June 2, 2009.  The purpose of the Whitepaper, which was produced by the ISDA Collateral Committee, is to describe the use and risks of over-collateralization and under-collateralization associated with initial margin posted by derivatives market participants, commonly referred to in ISDA-based documentation as the “Independent Amount.” READ MORE →