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| {{isdaanat|Termination Currency}} | | {{isdamanual|Termination Currency}} |
| Compare and contrast with the {{csaprov|Base Currency}} in the {{tag|CSA}}. Ideally, you’d want them to be the same. Ten points for style if you can think of a reason for having different ones. [[Goldman]] probably could.
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| So what is this all about, then? Well, swap transactions by nature are likely to have different currencies — cross-currency swaps are, anyway — and if (heaven forfend) you should be closing out a whole portfolio of them, then you will have boil everything down, at some point, to a single currency. Some are better than others — a G7 ones are more liquid and less volatile than others, and each counterparty will have a preference for its own home currency — an investment fund, the base currency of the fund.
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| The sort of thing you might expect to see specified in the schedule is this:
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| :“{{isdaprov|Termination Currency}}” means one of the currencies in which payments are required to be made under a {{isdaprov|Terminated Transaction}} selected by the {{isdaprov|Non-defaulting Party}} or the {{isdaprov|non-Affected Party}}, [[as the case may be]], or where there are two {{isdaprov|Affected Parties}}, as agreed between them or, if not agreed, or if the selected currency so is not freely available, [U.S. Dollars][Euro][Pounds Sterling].
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| The {{1992}} had no fallback {{isdaprov|Termination Currency}} for those parties who forget to agree one in their schedule: an impressive design flaw. {{icds}} corrected this for the {{2002ma}}, which assumes EUR or USD (depending on the governing law you select) if you haven’t agreed something else. This means a 2002 version {{tag|LFC}} does not need to specify a {{isdaprov|Termination Currency}}. Not that you’d ever use a [[long form confirmation]] in this day and age, of course.
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| The {{isdaprov|Termination Currency}} concept can be applied to the termination and close-out of single {{isdaprov|Transaction}}s or groups of {{isdaprov|Transaction}}s, so it does make sense for it to be "a currency in which payments are due to be made under the relevant {{isdaprov|Terminated Transaction}}" - or some such thing.
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