Template:CSA transfer timing: Difference between revisions

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Created page with "===How the business days work for demands under a {{2016csa}}=== This should give you an insight into why lawyers find ISDA documentation so compelling. *A {{csaprov|Transfere..."
 
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This should give you an insight into why lawyers find ISDA documentation so compelling.
This should give you an insight into why lawyers find ISDA documentation so compelling.
*A {{csaprov|Transferee}} may demand a {{csaprov|Delivery Amount (VM)}} (Para {{csaprov|2(a)}}) or a {{csaprov|Return Amount (VM)}} Para {{csaprov|2(b)}}) “on or promptly following a {{csaprov|Valuation Date}}”.
*A {{csaprov|Transferee}} may demand a {{csaprov|Delivery Amount (VM)}} (Para {{csaprov|2(a)}}) or a {{csaprov|Return Amount (VM)}} Para {{csaprov|2(b)}}) “on or promptly following a {{csaprov|Valuation Date}}”.
*A {{csaprov|Valuation Date}} means a day on which banks are open in at least one {{csaprov|Valuation Date Location}} for each party. Each party can specify whatever {{csaprov|Valuation Date Location}}s it likes. Tip: the fewer you specifiy, the more likelihood you will be excused from a margin call, so don’t overdo it.
*A {{csaprov|Valuation Date}}means a day on which banks are open in at least one {{csaprov|Valuation Date Location}} for each party.  
*Any {{csaprov|Delivery Amount (VM)}} or {{csaprov|Return Amount (VM)}} must be made (Para {{csaprov|3(a)}}) by the [[close of business]] on the {{csaprov|Regular Settlement Day}} relating to the date such demand is received (if received before the {{csaprov|Notification Time}} (spoiler - usually 11 am, noon or 1pm)), or the {{csaprov|Regular Settlement Day}} relating to the day after the date such demand is received (if received after the {{csaprov|Notification Time}}).
:*Each party can specify whatever {{csaprov|Valuation Date Location}}s it likes.  
:*Tip: the fewer you specifiy, the more likelihood you will be excused from a margin call, so don’t overdo it. One should be ample.
*Any {{csaprov|Delivery Amount (VM)}} or {{csaprov|Return Amount (VM)}} must be made (Para {{csaprov|3(a)}}) by the [[close of business]] on the {{csaprov|Regular Settlement Day}} relating to the date such demand is received (if received before the {{csaprov|Notification Time}} (spoiler - usually 11 am, noon or 1pm)), or the {{csaprov|Regular Settlement Day}} relating to the day after the date such demand is received (if received after the {{csaprov|Notification Time}}).
*'''{{csaprov|Regular Settlement Day}}''' means the same {{csaprov|Local Business Day}} — careful: as defined in the {{2016csa}} — on which the demand is made
*'''{{csaprov|Regular Settlement Day}}''' means the same {{csaprov|Local Business Day}} — careful: as defined in the {{2016csa}} — on which the demand is made
*{{csaprov|Local Business Day}} (under the {{2016csa}}) means, in the case of notices, a day on which banks are open in the address for the notice most recently specified by the Recipient.
*{{csaprov|Local Business Day}} (under the {{2016csa}}) means, in the case of notices, a day on which banks are open in the address for the notice most recently specified by the Recipient.

Revision as of 13:14, 17 October 2017

How the business days work for demands under a 2016 VM CSA

This should give you an insight into why lawyers find ISDA documentation so compelling.

  • Each party can specify whatever Valuation Date Locations it likes.
  • Tip: the fewer you specifiy, the more likelihood you will be excused from a margin call, so don’t overdo it. One should be ample.

Easy.