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{{isdaanat|9(e)}} | {{isdaanat|9(e)}} | ||
''' | '''{{isdaprov|Confirmation}}s''' <br> | ||
If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it? | |||
'''TL;DR''': The original trade confirm prevails. | |||
The prime thing to notice here is that the {{isdaprov|Confirmation}} is evidence of the {{isdaprov|Transaction}}, ''but it does not override the original {{isdaprov|Transaction}} terms, if they are different''. | |||
That is, the binding trade may be a phone call or a bloomberg chat. (This sits kind of uneasily with that {{isdaprov|Entire Agreement}} clause, but still.) | That is, the binding trade may be a phone call or a bloomberg chat. (This sits kind of uneasily with that {{isdaprov|Entire Agreement}} clause, but still.) | ||
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Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear. | Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear. | ||
'''[[Counterpart]]s''': There is an impassioned essay about the idiocy of [[counterparts]] clauses elsewhere<ref>In the [[counterparts]] article, as a matter of fact.</ref>. | |||
{{seealso}} | {{seealso}} |