Template:No termination events

The ISDA Master Agreement is rare amongst the beasts and fowls of the financial services hedgerows in that it has two categories of things that can lead to catastophic termination with extreme prejudice: Events of Default and Termination Events.

Briefly, Events of Default are “good night nurse” events — Failure to Pay, Bankruptcy, Breach of Agreement, Cross Default, Credit Support Default, DUST and so on — where it’s all over red rover and by morning time operations folks will be wandering blearily around outside the building clutching Iron Mountain boxes and kicking themselves for not joining that crypto start up like everyone else in the service line, where as Termination Events are lesser, survivable things that just mean a few Transactions get scotched, or sometimes all of them, but in any case no reason we can’t pick ourselves up, dust ourselves off and get on with the business of trading again.