Template:M comp disc Equity Derivatives 12.8: Difference between revisions
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If it’s a beast under the {{eqdefs}}, it was going to be worse under the (ill-fated) [[2011 ISDA Equity Derivatives Definitions]], though it seems, after nearly a decade of solemn inactivity, we will now | If it’s a beast under the {{eqdefs}}, it was going to be worse under the (ill-fated) [[2011 ISDA Equity Derivatives Definitions]], though it seems, after nearly a decade of solemn inactivity, we will never now know just how bad it was going to be. | ||
But we can take some | But we can take some solace that, somewhere out in the [[multiverse]] there is an alternative us, inhabiting a world just like this one, only in which the market adopted the 2011 Equity Derivatives Definitions instead of roundly ignoring them as ours has done. | ||
In that accursed parallel universe, our mortal equivalents — ''good'' people; ''kind'' people; people who otherwise resemble ''you and me'', readers — who live, love and aspire to intellectual and moral fulfillment, just as we do — those poor souls have had to endure this unending hardship. We may not know, we cannot tell what pains they have had to bear, so it falls to [[Clifford Chance]] — not without some hubris, we feel — to imagine it for us: | |||
:“[[Cancellation Amount - Equity Derivatives Provision|This provision]] has been amended heavily and now runs to over 10 pages. It sets out different optional methods of calculating the transaction value, rather than following a purely replacement value approach (as under the 2002 Definitions) which was considered not to be appropriate in all cases. Greater detail is also provided as to how and when the {{eqderivprov|Cancellation Amount}} is to be determined, what data is to be taken into account and how losses/gains resulting from hedge close-outs are allocated.” | :“[[Cancellation Amount - Equity Derivatives Provision|This provision]] has been amended heavily and now runs to over 10 pages. It sets out different optional methods of calculating the transaction value, rather than following a purely replacement value approach (as under the 2002 Definitions) which was considered not to be appropriate in all cases. Greater detail is also provided as to how and when the {{eqderivprov|Cancellation Amount}} is to be determined, what data is to be taken into account and how losses/gains resulting from hedge close-outs are allocated.” |