ISDA

ISDA - International Swaps and Derivatives Association
The market standard documentation for OTC derivative transactions
When a deal is transacted over the phone the verbal agreement is legally binding until such a time as the ISDA confirmation is signed.

ISDA is the market standard documentation for privately negotiated OTC transactions
www.isda.org

ISDA was formed in 1985 with 10 members to standardise market practice and address the documentation issue arising from an increase in OTC derivatives.
Between 1985 - 1987 ISDA concentrated on IRS and Cross Currency Swaps
In 1990 it was amended to include caps, collars, floors and options.