1985 ISDA Code of Standard Wording, Assumptions and Provisions for Swaps: Difference between revisions
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
(One intermediate revision by the same user not shown) | |||
Line 11: | Line 11: | ||
1985 Edition</big></big></big> | 1985 Edition</big></big></big> | ||
I mean check that baby out; did you see what they ''did'' there??? It's a goddamn ''[[acrostic]]''! Whoever heard of ''playfulness'' in the documentation of derivatives? | I mean check that baby out; did you see what they ''did'' there??? It's a goddamn ''[[acrostic]]''! Whoever heard of ''playfulness'' in the documentation of derivatives? The {{1985ma}} is the first ever attempt, by the [[Children of the Woods]], progenitors of the [[First Men]], those valiant but somehow feral predecessors to the latter-day crusading knights of {{icds}}, to make flesh and blood the idea of an ''{{isdama}}''. | ||
And we know, from that telltale acrostic, that these were not the humdrum, process-oriented, detail-obsessed boxwallahs who now run ISDA. These were capricious, flipsy, okay maybe a bit ''bookish'' rebels, drunk on the excitement of [[contracts for difference]], standing on the threshold of a brave new adventure. If only they could have seen where it would all end out. | |||
For all its paleontological significance the {{1985ma}} is a barebones thing indeed: Events of Default and Termination Events are there ... ''none''. Parties had to put them in the confirmation. Even failure to pay. | |||
So, no [[netting]], no [[single agreement]] — which kind of figures, since [[Basel Committee on Bank Supervision|BCB]] only hit on the idea of granting capital relief for netting arrangements in 1986 — no Section {{isdaprov|2(a)(iii)}} — | |||
{{sa}} | {{sa}} |
Latest revision as of 15:54, 2 February 2024
The 1985 ISDA Code, properly styled as the —
Code of
- Standard
- Wording,
- Assumptions and
- Provisions for
- Swaps
1985 Edition
I mean check that baby out; did you see what they did there??? It's a goddamn acrostic! Whoever heard of playfulness in the documentation of derivatives? The 1985 ISDA Code is the first ever attempt, by the Children of the Woods, progenitors of the First Men, those valiant but somehow feral predecessors to the latter-day crusading knights of ISDA’s crack drafting squad™, to make flesh and blood the idea of an ISDA Master Agreement.
And we know, from that telltale acrostic, that these were not the humdrum, process-oriented, detail-obsessed boxwallahs who now run ISDA. These were capricious, flipsy, okay maybe a bit bookish rebels, drunk on the excitement of contracts for difference, standing on the threshold of a brave new adventure. If only they could have seen where it would all end out.
For all its paleontological significance the 1985 ISDA Code is a barebones thing indeed: Events of Default and Termination Events are there ... none. Parties had to put them in the confirmation. Even failure to pay.
So, no netting, no single agreement — which kind of figures, since BCB only hit on the idea of granting capital relief for netting arrangements in 1986 — no Section 2(a)(iii) —
See also
- ISDA Master Agreement and all its variations