Full stop

The Jolly Contrarian’s Glossary The snippy guide to financial services lingo.™ →Go uptown Index — Click the ᐅ to expand: Glossary Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

We here at the JC follow British English conventions, so it is a full stop, period.

Full stop trivia

Any Legal markup can be situated somewhere on a “utility continuum”, between the deal-killing blockbuster, whereby a legal eagle saves her client from certain ruin, at one end, and guileless frippery, by dint of which she scrapes over her billable threshold for the month, at the other. The median point is, we need hardly say, nearer the fripperous end, but if you venture a few standard deviations past that, you approach an absolute theoretical minimum, beyond which the utility of any legal mark-up is utterly nil. That final, infinitesimal point, past which the thinnest atomic strand of half-hearted value can be no further reduced — the so-called “Biggs constant” — was first isolated in 1997 when, either by deliberate design or happy accident, a gentleman from the in-house team at a leading financial services institution found it while marking up a pricing supplement he had received by fax. From me. Despite the Byzantine complexity of the document, his only comment was a direction to his diligent counsel — yours truly — to remove the bold formatting from a full stop. This he communicated, also by fax, at 2:35 in the morning. In the kind of irony that accompanies so many of the world’s most momentous occasions, it turned out upon inspection that the full stop wasn’t bold in the first place, but was a printed artefact from the low resolution of the fax.