The International Swaps and Derivatives Association (ISDA) is a professional trade association based in New York City with more than 800 member firms located around the world. The association was established in 1985 by prominent market participants to improve the trading of swaps and derivatives. The association has grown in global importance over the past decades, representing buyers, sellers, issuers, intermediaries and other market participants in the swaps and derivatives industry.

One of the main goals of ISDA is to ensure the safety of all participants in the swaps and derivatives markets. To support this effort, the association has developed a standardized agreement, called the 'ISDA Master Agreement', which serves as a template for swaps traders. The ISDA Master Agreement makes it easier for traders to understand their rights and obligations in the trading of swaps and derivatives. It also helps facilitate market transactions by providing an efficient legal framework for transactions.

In addition to the ISDA Master Agreement, the association has implemented a number of initiatives to further enhance market efficiency and the protection of investors. These include the development of global credit documentation standards, which are designed to support improved transparency and the harmonization of derivatives documentation across markets. ISDA has also developed structured reporting standards to link the clearing of over-the-counter (OTC) derivatives to the transaction.

The ISDA also provides educational resources such as training seminars, conferences and webinars to help market participants understand the risks, rewards and key features of derivatives trading.

In conclusion, the International Swaps and Derivatives Association provides a safe, transparent platform for trading derivatives and swaps. Its initiatives help reduce counterparty risk, increase transparency, and improve market infrastructure for all participants.