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Derivatives are crucial for the global economy as they help firms hedge risks. Legal standards are essential for effective functioning of the derivatives market, preventing disagreements and prolonging negotiations. The Easter Master Agreement, over 35 years, has standardized trading relationships by providing a common template with core terms like default definitions and contract termination conditions. This promotes confidence in transactions, ensures market understanding, and offers a well-tested path for issue resolution. The agreement also allows for customized relationships and a wide range of transactions, including in case of defaults.