Template:Isda 14 summ
Jump to navigation
Jump to search
The basic reason for the differences between the 1992 ISDA and the 2002 ISDA is:
- The whole Loss/Market Quotation farrago (and all that First Method and Second Method nonsense) is unique to the ’92, replaced by Close-out Amount in the ’02. That is also where Reference Market-makers, Settlement Amounts and so on come from.
- Force Majeure Event under Section 5(b)(ii) is new to the ’02.
- Illegality is built out to include the Waiting Period concept (also used in Force Majeure Event come to think of it).
- Set-off under Section 6(f) is new to the ’02.