Scope of this Annex and the Other CSA - CSA Provision: Difference between revisions
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In the year of our Lord 2016, it is gratifying to see that the good people of {{tag|ISDA}} and their friends, relations, cherubim and seraphin, gog and magog etc., are all still as fearful of the language they learned at their mothers' knees as ever. “[[If any]]” makes four appearances in an eight line clause which doesn’t say much in the first place. | In the year of our Lord 2016, it is gratifying to see that the good people of {{tag|ISDA}} and their friends, relations, cherubim and seraphin, gog and magog etc., are all still as fearful of the language they learned at their mothers' knees as ever. “[[If any]]” makes four appearances in an eight line clause which doesn’t say much in the first place. | ||
===But what does it mean?=== | ===But what does it mean?=== | ||
This seems to be contemplating those who wished to | This seems to be contemplating those who wished to “[[grandfather]]” {{isdaprov|Transaction}}s which were already on foot at the time the [[regulatory margin]] obligation came into force, but which therefore preceded it and were out of scope for it. Cue a monstrously painful ''dual''-CSA regime where new transactions were margined under a new, [[regulatory margin]]-compliant {{2016csa}}, and old ones were allowed to roll off on the clapped out (but somehow better'', right?) {{1995csa}}. | ||
No doubt this made sound commercial sense in 2015, a few years later, for all bar those with 30 year inflation swaps on the books, all this {{csaprov|Other CSA}} chat is just barnacle-encrusted codified confusion for everyone. | No doubt this made sound commercial sense in 2015, a few years later, for all bar those with 30 year inflation swaps on the books, all this {{csaprov|Other CSA}} chat is just barnacle-encrusted codified confusion for everyone. | ||