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Derivatives are essential for firms to hedge their risks in the global economy. Strong legal foundations are crucial for the market to function effectively. The Easter Master Agreement, in place for 35 years, provides a standardized template for derivative trading relationships. This template includes core contractual terms, such as default definitions and contract termination conditions, to ensure a common understanding within the market. Firms can transact confidently, knowing there is a well-tested path to resolve any issues. Additionally, the agreement allows for customization and a broad range of transactions in case of default.