Template:M summ Credit Derivatives 3.32: Difference between revisions
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{{cddprov|3.32}} There are times where the [[JC]]’s patience for the infinite, pernickety, paranoid, wilful attention to unnecessary detail that {{icds}} brings to its task runs out, and this is one such a place. Our nutshell version is as faithful a replication of this semantic superstructure as we can bring ourselves to recreate, but is still far more information than any fair-minded merchant should need, and is certainly more than anyone wants. | {{c|Embedded Template}}{{cddprov|3.32}} There are times where the [[JC]]’s patience for the infinite, pernickety, paranoid, wilful attention to unnecessary detail that {{c|Embedded Template}}{{icds}} brings to its task runs out, and this is one such a place. Our nutshell version is as faithful a replication of this semantic superstructure as we can bring ourselves to recreate, but is still far more information than any fair-minded merchant should need, and is certainly more than anyone wants. | ||
If you are physically settling a CDS because of ''only'' a {{cddprov|Restructuring}} — if any other {{cddprov|Credit Event}} happens, for heaven’s sake use that and don’t bother with this nonsense — then, bar one very limited circumstance which we will get to — then you can only deliver a {{cddprov|Deliverable Obligation}} that is a {{cddprov|Conditionally Transferable Obligation}} with a final maturity date no later than the — oh, God, here we go — {{cddprov|Modified Restructuring Maturity Limitation Date}}. And then it carries on, diving head first into deep pool of conditonal detail that was drained for the winter. | If you are physically settling a CDS because of ''only'' a {{c|Embedded Template}}{{cddprov|Restructuring}} — if any other {{c|Embedded Template}}{{cddprov|Credit Event}} happens, for heaven’s sake use that and don’t bother with this nonsense — then, bar one very limited circumstance which we will get to — then you can only deliver a {{c|Embedded Template}}{{cddprov|Deliverable Obligation}} that is a {{c|Embedded Template}}{{cddprov|Conditionally Transferable Obligation}} with a final maturity date no later than the — oh, God, here we go — {{c|Embedded Template}}{{cddprov|Modified Restructuring Maturity Limitation Date}}. And then it carries on, diving head first into deep pool of conditonal detail that was drained for the winter. | ||
Revision as of 08:30, 20 May 2023
3.32 There are times where the JC’s patience for the infinite, pernickety, paranoid, wilful attention to unnecessary detail that ISDA’s crack drafting squad™ brings to its task runs out, and this is one such a place. Our nutshell version is as faithful a replication of this semantic superstructure as we can bring ourselves to recreate, but is still far more information than any fair-minded merchant should need, and is certainly more than anyone wants.
If you are physically settling a CDS because of only a Restructuring — if any other Credit Event happens, for heaven’s sake use that and don’t bother with this nonsense — then, bar one very limited circumstance which we will get to — then you can only deliver a Deliverable Obligation that is a Conditionally Transferable Obligation with a final maturity date no later than the — oh, God, here we go — Modified Restructuring Maturity Limitation Date. And then it carries on, diving head first into deep pool of conditonal detail that was drained for the winter.