Template:M summ Equity Derivatives 1.1: Difference between revisions
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====Section {{eqderivprov|1.1}} {{eqderivprov|Transaction}} ==== | |||
Enjoy the uncalled-for [[cognitive dissonance]] in that the {{eqderiv}} definitions define {{eqderivprov|Transaction}} — in a rather airy way — even though “{{isdaprov|Transaction}}” is already defined in the {{isdama}}, in an equally airy way. | Enjoy the uncalled-for [[cognitive dissonance]] in that the {{eqderiv}} definitions define {{eqderivprov|Transaction}} — in a rather airy way — even though “{{isdaprov|Transaction}}” is already defined in the {{isdama}}, in an equally airy way. | ||
{{underlier}} | {{underlier}} | ||
Latest revision as of 02:08, 15 August 2023
Section 1.1 Transaction
Enjoy the uncalled-for cognitive dissonance in that the Equity Derivatives definitions define Transaction — in a rather airy way — even though “Transaction” is already defined in the ISDA Master Agreement, in an equally airy way.
“Underlier”?: There isn’t a generic catch-all term for the underlier of an Equity Derivatives Transaction. This is a pity, since “Index, Share or Basket as the case may be” isn’t the most elegant expression in the annals of legal literature. You might have used “Instrument” or even “Underlier” might do.
“Underlier” is a JC-spawned confection, and we do use it from time to time, when our patience with ISDA’s crack drafting squad™ and its leaden drafting becomes as shiny, thin and translucent as the seat of an old pair of suit trousers.