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| Section 1 is a gentle introduction indeed to the dappled world of the {{isdama}}: much coming from the “goes without saying, but let’s say it anyway” dept of legal wordwrightery — a large department indeed, in the annals of modern legal practice. | | Section {{{{{1}}}|1}} is a gentle introduction indeed to the dappled world of the {{isdama}}. |
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| ===Section 1(a)===
| | In a nutshell, unless you are doing [[repackaging]]s — and even then, don’t get carried away — make sure you understand what Section {{{{{1}}}|1}} is there for and what it does, but don’t ''fiddle'' with it. |
| The large slew of definitions are set out in Section 14. the JC considers each in its own write elsewhere.
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| ===Section 1(b)===
| | {{Summ part {{{1}}}|1(a)}} |
| It wouldn’t be ISDA if there weren’t a hierarchy clause; all this really establishes is the obvious: the pre-printed ISDA Master Agreement itself sits at the bottom and is modified between the counterparties by its Schedule; once negotiated and stuck into the netting database, the Schedule basically sits there unregarded and is modified as needs be for each Transaction under the Confirmation. In point of fact the Confirmations don’t tend to ''modify'' anything in the Master and Schedule so much as build on them, but if there is a consistency — and with a document as pedantic and overwrought as the ISDA you just never know — then the most specific, recently edited document will be the one that prevails.
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| ===Section 1(c)===
| | {{Summ part {{{1}}}|1(b)}} |
| Section 1(c) starts getting a bit tastier in that it comprises the [[Single Agreement]]. This is deep ISDA lore, from which all the [[close-out netting]] that gives the {{isdama}} its capital efficiency wings flows.
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| {{Repack and the single agreement|{{{1}}}}} | | {{Summ part {{{1}}}|1(c)}} |
| ===Basically===
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| In a nutshell — unless you are doing [[repackaging]]s, and even then don’t get carried away — make sure you understand what Section 1 is there fore, but don’t ''mess'' with it.
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| __NOTOC__
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Latest revision as of 11:53, 17 March 2024
Section {{{{{1}}}|1}} is a gentle introduction indeed to the dappled world of the ISDA Master Agreement.
In a nutshell, unless you are doing repackagings — and even then, don’t get carried away — make sure you understand what Section {{{{{1}}}|1}} is there for and what it does, but don’t fiddle with it.
{{Summ part {{{1}}}|1(a)}}
{{Summ part {{{1}}}|1(b)}}
{{Summ part {{{1}}}|1(c)}}