The result is one of the most recognizable falls in the world. Consisting of three individual waterfalls (Horseshoe Falls, American Falls, and Bridal Veil Falls), Niagara has seen countless daredevils construct barrels for upwards of $30,000, only to plunge 165ft into the waters below.
The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York City, and has created a standardized contract (the ISDA Master Agreement) to enter into derivatives transactions. In addition to legal and policy activities, ISDA manages FpML (Financial products Markup Language), an XML message standard for the OTC Derivatives industry.
ISDA also creates industry standards for derivatives and provides legal definitions of terms used in contracts. An example is the 1999 ISDA Credit Derivatives Definitions, which provide basic definitions for credit default swaps, total return swaps, credit linked notes and other credit derivative transactions.