The International Swaps and Derivatives Association (ISDA) is a trade organization that standardizes and promotes the derivatives market. It offers services like the ISDA Master Agreement, a standardized contract for derivatives transactions, and the Financial Products Markup Language (FpML) for data exchange. ISDA's target audience includes derivatives dealers, service providers, and end-users. Its unique selling proposition is providing a framework that reduces counterparty risk and increases transparency in the over-the-counter derivatives market. ISDA's efforts focus on improving operational infrastructure and legal definitions for derivatives transactions, making it a crucial entity for global financial institutions[1][3][5].