Template:Isda Local Delivery Day summ: Difference between revisions

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Created page with "{{isda summ local business day v local delivery day}} Now it is true that one could have snuck this in as a separate limb of {{isdaprov|Local Business Day}} — there are already four; why not five? — and saved oneself an extra definition, but unfussily economising on drafting is really not how {{icds}} rolls. And nor is it obvious that the florid prose in which the ’squad rendered “''{{isdaprov|Local Delivery Day}}''”, when it comes down to it, says anything..."
 
Replaced content with "{{isda summ local business day v local delivery day}}"
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{{isda summ local business day v local delivery day}}
{{isda summ local business day v local delivery day}}
Now it is true that one could have snuck this in as a separate limb of {{isdaprov|Local Business Day}} — there are already four; why not five? — and saved oneself an extra definition, but unfussily economising on drafting is really not how {{icds}} rolls.
And nor is it obvious that the florid prose in which the ’squad rendered “''{{isdaprov|Local Delivery Day}}''”, when it comes down to it, says anything enormously different to the first limb (a) of the definition of {{isdaprov|Local Business Day}} in any case. To our clouded eyes, both of them say:
“a day on which relevant settlement systems are operating in the place nominated in the Confirmation” — and if not it comes down to agreement by the parties in one case, or customary market practice in the other.
Candidly, of those two “customary market practice” is the better, as it avoids an apparent agreement to agree, although generally the ISDA standard of commercial reasonableness in close-out scenarios probably gets you to the same place in any case.

Latest revision as of 16:48, 13 September 2024

What is the difference between a “Local Business Day” and a “Local Delivery Day”?

Local Business Day is a lot more fiddly, and context dependent, for one thing. As per our nutshell summary, what counts as a Local Business Day depends on who is asking: for performing general obligations it looks to the Transaction Confirmation; for Waiting Periods it depends where the triggering event occurs, for payments it depends where the account is located, for communications it depends on the location of the recipient.

A Local Delivery Day — which comes up only in when considering whether one has failed to deliver a non-cash security of some kind (Section 5(a)(i)) or, even though ostensibly having failed to dliver it, you haven’t yet technically failed to deliver it, on account of an intervening Illegality or Force Majeure which has triggered a Waiting Period before that failure to deliver becomes an official Failure to Pay or Deliver.

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