From The Jolly Contrarian
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| {{isda summ local business day v local delivery day}}
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| Now it is true that one could have snuck this in as a separate limb of {{isdaprov|Local Business Day}} — there are already four; why not five? — and saved oneself an extra definition, but unfussily economising on drafting is really not how {{icds}} rolls.
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| And nor is it obvious that the florid prose in which the ’squad rendered “''{{isdaprov|Local Delivery Day}}''”, when it comes down to it, says anything enormously different to the first limb (a) of the definition of {{isdaprov|Local Business Day}} in any case. To our clouded eyes, both of them say:
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| “a day on which relevant settlement systems are operating in the place nominated in the Confirmation” — and if not it comes down to agreement by the parties in one case, or customary market practice in the other.
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| Candidly, of those two “customary market practice” is the better, as it avoids an apparent agreement to agree, although generally the ISDA standard of commercial reasonableness in close-out scenarios probably gets you to the same place in any case.
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Latest revision as of 16:46, 13 September 2024