Template:M summ 2002 ISDA Local Business Day: Difference between revisions

Template:M summ 2002 ISDA Local Business Day (view source)

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-{{businessday}}
+===There is no plain “Business Day” in the {{isdama}}===
-{{CSA transfer timing|isda92}}
+Even old stagers are occasionally surprised to rediscover that {{icds}} didn’t define the expression “{{isdaprov|Business Day}}” in the {{isdama}}: only “{{isdaprov|Local Business Day}}” and “{{isdaprov|General Business Day}}” (and even the latter of these is only used in the definition of Local Business Day). It is, of course, defined in the {{isda2006defs}} and their spiritual successors the {{isda2021defs}} — but these operate only at {{isdaprov|Confirmation}}/{{isdaprov|Transaction}} level. (in fairness, the first ISDA definitions were published before the {{1992ma}}, so there was never much of a gap)
+But there must have been an uneasy period where there was no Business Day
+=== “General Business Day” and “Local Business Day” ===
+The defined term {{isdaprov|General Business Day}} appears in only one place in the {{isdama}}: the definition of {{isdaprov|Local Business Day}}. It is this:
+{{quote|
+{{ISDA Master Agreement 2002 General Business Day}} }}
+Thereby, a short definition is used to prop up a longer one. You might think “business day” is kind of a clear-enough, well-understood-enough term that it shouldn’t ''need'' to be defined at all, but that is not how {{icds}} operates.
+===Local Business Day and Local Delivery Day===
+{{isda summ local business day v local delivery day}}
+===CSA relevance===
+{{csaprov|Local Business Day}} is also defined in the {{csa}} (and its successors, dependents, friends and relations), as it the related term {{csaprov|Regular Settlement Day}}. Which makes for fun, as premium subscribers will see below.