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The partner’s eyes glittered. It was the fierce gleam of a man envisaging the accrual of enormous professional fees. | The partner’s eyes glittered. It was the fierce gleam of a man envisaging the accrual of enormous professional fees. | ||
I looked at the contract before me rendered on crisp onionskin. It was beautiful — strange — ''alien'' in its ineffable obliqueness. I mouthed its title, printed in block capitals across the front page: “[[Eye-ess-dee-aye]]”. {{isdaprov|Single Agreement}}. {{isdaprov|Merger | I looked at the contract before me rendered on crisp onionskin. It was beautiful — strange — ''alien'' in its ineffable obliqueness. I mouthed its title, printed in block capitals across the front page: “[[Eye-ess-dee-aye]]”. {{isdaprov|Single Agreement}}. {{isdaprov|Merger Without Assumption}}. {{isdaprov|Netting}}. {{isdaprov|Gross-Up}}. {{isdaprov|Default Under Specified Transaction}}. What could it all mean? | ||
Little did I know haw tediously familiar it would all become. ISDA negotiation moved from massive fee-generative bespoke legal work to inhouse teams, to negotiators, to operatrions clerks, to operations clerks in India. | The notional amount of OTC derivatives traded in 1995<ref>According to BIS Triennial Review, since you are asking. {{google3|BIS|Triennial|Review}}.</ref> was about USD12 trillion. In 2018 it was nudging USD600 trillion<ref>According to [https://www.isda.org/a/9atME/Key-Trends-in-Size-and-Composition-of-OTC-Derivatives-Markets.pdf ISDA].<ref>. | ||
Little did I know haw tediously familiar it would all become. ISDA [[negotiation]] moved from massive fee-generative bespoke legal work to inhouse teams, to negotiators, to operatrions clerks, to operations clerks in India. | |||