Template:South African CLN: Difference between revisions
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I turned on my heels and regarded it resentfully. Should I answer? | I turned on my heels and regarded it resentfully. Should I answer? | ||
Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm<ref>Not famous. It was and, as far as I know, still is, a shipping and marine insurance specialist.</ref> Stephenson Harwood. He announced himself as the prospective client’s solicitor, and told me he had some comments on the [[swap]]. Only he pronounced it “[[sw-æp]]”, to rhyme with “crap”, and not “[[sw-ŏp]]”, to rhyme with chop — something that after [[Noel Edmonds]], you would think no self-respecting British child, let alone one who had matured into a [[derivatives]] whizz, would | Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm<ref>Not famous. It was and, as far as I know, still is, a shipping and marine insurance specialist.</ref> Stephenson Harwood. He announced himself as the prospective client’s solicitor, and told me he had some comments on the [[swap]]. Only he pronounced it “[[sw-æp]]”, to rhyme with “crap”, and not “[[sw-ŏp]]”, to rhyme with chop — something that, after [[Noel Edmonds]], you would think no self-respecting British child, let alone one who had matured into a [[derivatives]] whizz, would do. | ||
In any case this chap sent in his mark-up of the, er, [[sw-æp]], and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the complications that arise when one transports goods by sea. | In any case this chap sent in his mark-up of the, er, [[sw-æp]], and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the complications that arise when one transports goods by sea. | ||
Revision as of 17:31, 4 April 2018
The South African credit-linked note and the misunderstood sw-æp
It was two decades ago, a mild Friday evening in the infancy of the credit derivatives market. It was all to do with a secured note, credit-linked to the republic of South Africa. I had drafted it — elegantly, if I do say so myself — and faxed if off, as one did in those days, to our client, a giant investment bank, and the prospective purchaser. The week’s work done, I was putting my blazer on and groping for my brolley when the phone rang.
I turned on my heels and regarded it resentfully. Should I answer?
Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm[1] Stephenson Harwood. He announced himself as the prospective client’s solicitor, and told me he had some comments on the swap. Only he pronounced it “sw-æp”, to rhyme with “crap”, and not “sw-ŏp”, to rhyme with chop — something that, after Noel Edmonds, you would think no self-respecting British child, let alone one who had matured into a derivatives whizz, would do.
In any case this chap sent in his mark-up of the, er, sw-æp, and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the complications that arise when one transports goods by sea.
My supervising partner in those days was an excitable fellow[2]. I confess it was with prurient glee that I trotted around and dropped the comments — which were as compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a lit match into a canister of petrol.
It had the anticipated effect. Whilst the young JC was patiently explaining this unexpected setback to our client. It was represented by a callow but quick young fellow from Dublin, in his first year out from Trinity College. My supervisor stormed into the room, his face a rich shade of puce.
“I have never been so outraged”, said he, “and I have covered his ridiculous mark-up with unspeakable obscenities! Filthy! words that start with “c” and “p”!”
There was the most exquisite pause before an Irish voice on the speakerphone interjected: