Template:1992 v 2002 comparison summary: Difference between revisions
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'''Reference market makers, Settlement Amounts also begone''': That meant no need for {{isda92prov|Reference Market-maker}}s, {{isda92prov|Settlement Amount}}s and so on so they went too.<li> | '''Reference market makers, Settlement Amounts also begone''': That meant no need for {{isda92prov|Reference Market-maker}}s, {{isda92prov|Settlement Amount}}s and so on so they went too.<li> | ||
'''Force majeure''': finally make an honest man out of , well, God, by adding a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)}} — hitherto parties had boshed up something custom each time. <li> | '''Force majeure''': finally make an honest man out of , well, God, by adding a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)}} — hitherto parties had boshed up something custom each time. <li> | ||
'''Waiting Time for Illegality''': The {{2002ma}} builds out {{ | '''Waiting Time for Illegality''': The {{2002ma}} builds out {{isdaprov|Illegality}} to include the {{isdaprov|Waiting Period}} concept (also used in {{isdaprov|Force Majeure Event}} come to think of it). <li> | ||
'''Set-off''': To finally end the gruesome cottage industry of half-arsed, half-witted set-off provisions that don’t really work, by providing an express, fully-arsed half-witted set-off provision that doesn’t really work ({{isdaprov|Set-off}} under Section {{isdaprov|6(f)}}). | '''Set-off''': To finally end the gruesome cottage industry of half-arsed, half-witted set-off provisions that don’t really work, by providing an express, fully-arsed half-witted set-off provision that doesn’t really work ({{isdaprov|Set-off}} under Section {{isdaprov|6(f)}}).}} | ||
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Latest revision as of 13:13, 5 September 2024
The 2002 ISDA was introduced, primarily, to:
- Loss/MQ begone: Finally take out to the woodshed the whole Loss/Market Quotation farrago (and all that First Method and Second Method nonsense) by introducing the Close-out Amount.
- Reference market makers, Settlement Amounts also begone: That meant no need for Reference Market-makers, Settlement Amounts and so on so they went too.
- Force majeure: finally make an honest man out of , well, God, by adding a Force Majeure Event under Section 5(b)(ii) — hitherto parties had boshed up something custom each time.
- Waiting Time for Illegality: The 2002 ISDA builds out Illegality to include the Waiting Period concept (also used in Force Majeure Event come to think of it).
- Set-off: To finally end the gruesome cottage industry of half-arsed, half-witted set-off provisions that don’t really work, by providing an express, fully-arsed half-witted set-off provision that doesn’t really work (Set-off under Section 6(f)).