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}}, | 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 great big. The project expanded, and in the final stages exceeded its [[Schwarzschild radius of document comprehension|Schwarzschild radius]], suddenly collapsing in on itself, taking with it all drafts and all traces of the agreement, {{ISDA}}'s counsel on 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> or several thousand lowly in-house [[Mediocre lawyer|lawyers]] seconded to the task of contributing their “clarifications” and doubt-avoidances to the standard form. All — the document, the personnel, and the drafting tedia — have been lost to history entirely, and we now do not know what the agreement said, how it said it, or even whether it really existed at all. | |||
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