Transaction - ISDA Provision: Difference between revisions

Revision as of 05:28, 7 June 2023

ISDA Anatomy™

In a Nutshell™ Section Transaction:

“Transaction” is defined in the Preamble.
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2002 ISDA full text of Section Transaction:

“Transaction” has the meaning specified in the preamble.
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Click here for the text of Section Transaction in the 1992 ISDA

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See ISDA Comparison for a comparison between the 1992 ISDA and the 2002 ISDA.

The Varieties of ISDA Experience
Subject	2002 (wikitext)	1992 (wikitext)	1987 (wikitext)
Preamble	Pre	Pre	Pre
Interpretation	1	1	1
Obligns/Payment	2	2	2
Representations	3	3	3
Agreements	4	4	4
EODs & Term Events	5 Events of Default: FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events: Illegality • FM • Tax Event • TEUM • CEUM • ATE	5 Events of Default: FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events: Illegality • Tax Event • TEUM • CEUM • ATE	5 Events of Default: FTPD • Breach • CSD • Misrep • DUSS • Cross Default • Bankruptcy • MWA Termination Events: Illegality • Tax Event • TEUM • CEUM
Early Termination	6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations; Payment Date • Payments on ET • Set-off	6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations • Payments on ET • Set-off	6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations • Payments on ET
Transfer	7	7	7
Contractual Currency	8	8	8
Miscellaneous	9	9	9
Offices; Multibranch Parties	10	10	10
Expenses	11	11	11
Notices	12	12	12
Governing Law	13	13	13
Definitions	14	14	14
Schedule	Schedule	Schedule	Schedule
Termination Provisions	Part 1	Part 1	Part 1
Tax Representations	Part 2	Part 2	Part 2
Documents for Delivery	Part 3	Part 3	Part 3
Miscellaneous	Part 4	Part 4	Part 4
Other Provisions	Part 5	Part 5	Part 5

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These are the types of transaction that are contemplated for netting purposes in the ISDA opinion (for England)

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 {{isdaanat|Transaction}}
-What exactly counts as a Transaction under an {{isdama}} is a matter of some moment, because it will determine what you need to take into account when applying close-out netting, and (unless you’ve specified a narrower range of {{csaprov|Covered Transaction}}s) the values you need to calculate when making {{tag|collateral}} calls under your {{CSA}}.
+.
-Unusually, for a document so outrageously verbose in most other respects, the {{isdama}} has little to say on the subject, the {{1992isda}} leaving it entirely to the {{isdaprov|preamble}}:
-:''... one or more transactions (each a “{{isdaprov|Transaction}}”) that are or will be governed by this {{isdaprov|Master Agreement}}.''
-And the {{2002ma}} not going much further.
-:...''“{{isdaprov|Transaction}}” has the meaning specified in the {{isdaprov|preamble}}.''
-The {{eqdefs}} also define “{{eqderivprov|Transaction}}”, to no apparent point.
 ===[[Netting]]===