Onboard once, trade with CRX

Sign once, trade across every pair. At onboarding you sign two documents: an ISDA Master Agreement and a Credit Support Annex (CSA). Those terms govern your relationship with CRX, and you never re-paper for a trade.

CRX maintains the documents, runs onboarding, and is the dealer on the other side of every trade.

Onboarding runs once, end to end, before any position can bind:

What do you sign?

Two documents, signed once, frame every trade:

• ISDA Master Agreement: the onboarding contract. It sets the standard terms a firm accepts before trading, and the close-out mechanics that settle a failed relationship to a single number. Bespoke elections live in its Schedule.
• Credit Support Annex (CSA): the collateral terms (eligibility, haircuts, and where margin sits). The same CSA the Collateral (~4 min) page describes, reading price from the global oracle.

Every trade runs under this pair of documents. The default waterfall (~8 min) settles a failed relationship into one number through the Master's close-out.

Why does one adherence cover every trade?

One adherence governs every position you open with the desk. Signing binds your relationship with CRX, not a single trade.

• One adherence, every pair: once the Master Agreement and CSA are signed, you trade across every pair without negotiating fresh documents.
• Direct binding: every trade is legally between you and CRX, the two parties that signed it.
• CRX as dealer and administrator: CRX is the desk on the other side of your trade and runs the network it trades on.

How does onboarding gate it?

The agreements are the legal half of onboarding; the allowlist is the on-chain half. Both complete once, before any trade binds:

• Legal adherence: the ISDA Master Agreement and CSA, signed at onboarding.
• Regulatory checks: ECP verification, KYC, and an OFAC screen.
• On-chain allowlist: on clearance, your wallet joins an allowlist the contract checks before any trade binds.

Who clears these checks, and the per-jurisdiction professional-investor test the contract enforces, is in Eligibility (~3 min).

CRX and the ISDA standard

CRX follows the ISDA standard in shape and departs from it in three mechanics. The close-out architecture is standard; the automation around it is bespoke. This section draws the line, so you can represent what is standard and disclose what is not.

CRX vs the traditional ISDA path

CRX's shape is ISDA-standard: continuous variation margin, a static initial-margin cushion, a cure-windowed margin call at the breach, and a whole-book close-out on default. ISDA is a close-out regime. A failure to restore margin ripens into an Event of Default only after notice and a grace period, and then the book is netted. CRX ports that pattern directly: a keeper stamps the breach on-chain, the agreed cure window runs (zero in a permissionless relationship), then close-out. See Credit Model (~8 min).

The traditional ISDA Master terminates and nets. A Failure to Pay becomes an Event of Default; the non-defaulting party then terminates every trade in the set on a single day, values them together, and collapses the whole netting set to one number against which collateral is applied. CRX runs that mechanism automatically: the moment insolvency is proven on-chain, the cascade terminates the whole book at one price: no date to designate, no discretion to exercise. The two side by side:

ISDA Master + CSA	CRX
VM covers current mark-to-market, posted each Valuation Date	continuous on-chain VM, same economic role
No maintenance call; IM is a static cushion	margin call at IM; liquidation only below a maintenance floor (60% of IM, a signed term)
Failure to Pay → grace period → Event of Default → terminate the whole set	breach → stamped on-chain → cure window → cascade
Close-out netting of the whole set to one termination amount	force-VM the whole book, net per relationship, waterfall, close out the set
One netting set per Master; no netting across Masters	one netting set per relationship; no cross-counterparty netting

See Default and liquidation (~8 min) for the cascade in full.

Glossary

Term	Meaning
Close-out netting	On default, every trade in a netting set is terminated, valued, and netted to one termination amount. The ISDA Master's core mechanic.
Event of Default	A failure (to pay, to post, or a covenant breach) that lets the non-defaulting party terminate the whole netting set.
Maintenance margin	In futures, the line below which a position is liquidated. CRX has a counterpart: a maintenance floor at a fraction of IM (60% by default), signed into the agreement, below which a flagged account may be closed out. It differs in that CRX's margin call rings earlier, at full IM, so a cure window opens before the floor is tested. See What triggers liquidation? (~4 min).
Independent Amount	A fungible margin cushion above VM, negotiated in the CSA. What CRX's SCA actually is.
Regulatory initial margin	Mandatory IM under the uncleared-margin rules: segregated at a third-party custodian, non-rehypothecable, never drawn for VM. Applies only above the regulatory threshold.