The Atlantis Variation: Difference between revisions
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The [[2008 ISDA Master Agreement]], also known as the [[Atlantis agreement]] is a rumoured edition of the {{isdama}}, which, according to legend, was ''almost'' completed in September 2008, but never saw the light of day, instead collapsing into dark energy that powers the hidden universe. If implemented, the [[2008 ISDA Master Agreement]] would expected to address the financial, infrastructural and regulatory challenges which were dominating the derivatives trading market at the time. It would have consolidated trading documentation across a wide range of products ([[including but not limited to]] [[repo]], [[stock lending]], [[prime brokerage]], [[exchange traded derivatives]], physical [[commodities]] and [[emissions]], in so doing moving the financial world into a stable state of sunlit utopia; future-proofed agile legal agreements requiring no more than the cursory forensic management that could be garnered cheaply through unskilled personel in low-cost off-shore jurisdictions or, eventually, robots. | The [[2008 ISDA Master Agreement]], also known as the [[Atlantis agreement]] is a rumoured edition of the {{isdama}}, which, according to legend, was ''almost'' completed in September 2008, but never saw the light of day, instead collapsing into dark energy that powers the hidden universe. If implemented, the [[2008 ISDA Master Agreement]] would expected to address the financial, infrastructural and regulatory challenges which were dominating the derivatives trading market at the time. It would have consolidated trading documentation across a wide range of products ([[including but not limited to]] [[repo]], [[stock lending]], [[prime brokerage]], [[exchange traded derivatives]], physical [[commodities]] and [[emissions]], in so doing moving the financial world into a stable state of sunlit utopia; future-proofed agile legal agreements requiring no more than the cursory forensic management that could be garnered cheaply through unskilled personel in low-cost off-shore jurisdictions or, eventually, robots. | ||
As it was, the challenge was just too big. The project expanded — at first graudually, in the closing stages at breakneck pace — and in the final days is believed to have exceeded its [[Schwarzschild radius of document comprehension|Schwarzschild radius]] altogether, leading to sudden catastrophic implosion, taking with it all traces of the agreement, earlier drafts, the firm {{ISDA}} engaged to coordinate the drafting (Messrs [[Tubb Fuller Breaden Potter Bacon]])<ref>[[TFBPB]] has never been heard of since, and curiously, no record now exists of this firm before 2008, even though it was apparently a global bemoth</ref> | As it was, the challenge was just too big. The project expanded — at first graudually, in the closing stages at breakneck pace — and in the final days is believed to have exceeded its [[Schwarzschild radius of document comprehension|Schwarzschild radius]] altogether, leading to sudden catastrophic implosion, taking with it all traces of the agreement, earlier drafts, the firm {{ISDA}} engaged to coordinate the drafting (Messrs [[Tubb Fuller Breaden Potter Bacon]])<ref>[[TFBPB]] has never been heard of since, and curiously, no record now exists of this firm before 2008, even though it was apparently a global bemoth</ref> and several thousand negotiators and in-house [[Mediocre lawyer|lawyers]] and members of the document working group seconded by their employers to contributing their “clarifications” and doubt-avoidances for the greater good of the standard form. All — the document, the personnel, and the drafting tedia — have been lost to history, and we now do not know what the agreement said, how it said it, or indeed whether the agreement really existed at all. | ||
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Revision as of 17:21, 21 March 2017
The 2008 ISDA Master Agreement, also known as the Atlantis agreement is a rumoured edition of the ISDA Master Agreement, which, according to legend, was almost completed in September 2008, but never saw the light of day, instead collapsing into dark energy that powers the hidden universe. If implemented, the 2008 ISDA Master Agreement would expected to address the financial, infrastructural and regulatory challenges which were dominating the derivatives trading market at the time. It would have consolidated trading documentation across a wide range of products (including but not limited to repo, stock lending, prime brokerage, exchange traded derivatives, physical commodities and emissions, in so doing moving the financial world into a stable state of sunlit utopia; future-proofed agile legal agreements requiring no more than the cursory forensic management that could be garnered cheaply through unskilled personel in low-cost off-shore jurisdictions or, eventually, robots.
As it was, the challenge was just too big. The project expanded — at first graudually, in the closing stages at breakneck pace — and in the final days is believed to have exceeded its Schwarzschild radius altogether, leading to sudden catastrophic implosion, taking with it all traces of the agreement, earlier drafts, the firm ISDA engaged to coordinate the drafting (Messrs Tubb Fuller Breaden Potter Bacon)[1] and several thousand negotiators and in-house lawyers and members of the document working group seconded by their employers to contributing their “clarifications” and doubt-avoidances for the greater good of the standard form. All — the document, the personnel, and the drafting tedia — have been lost to history, and we now do not know what the agreement said, how it said it, or indeed whether the agreement really existed at all.