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Derivatives are essential for firms to hedge their risks in the global economy. Strong legal foundations are crucial for this market to function effectively. The Easter Master Agreement, in place for 35 years, standardizes trading relationships between derivatives counterparties, defining key terms like defaults and contract termination conditions. This common template enables firms to transact with confidence, ensuring a shared understanding of market operations and a clear resolution process for any issues. Firms can also customize their relationships and include a variety of transactions within this framework.