are isda master agreements also called hunting licenses 
yes the term hunting license was used to describe isda master agreements in michael lewis s the big short this refers to the massive market for otc derivatives and how these agreements give some investors the chance to make high level trades unavailable to most 3the bottom linethe isda master agreement is a standardized document created by the isda for otc derivatives transactions it provides a framework for the terms and conditions for trading otc derivatives helping to cut legal and credit risks by establishing consistent documentation across different jurisdictions and many trades the major parts of the isda master agreement include the schedule which allows parties to customize certain terms and the csa which details the collateral arrangements the master agreement also addresses issues like dispute resolution the governing law and tax considerations in addition it helps to manage counterparty risk since it ensures that both parties understand their rights and obligations 