Template:M comp disc 2002 ISDA 12

The major change between the versions was the 2002 ISDA’s express inclusion of e-mail in addition to, and not as a replacement for, the 1992 ISDA’s electronic messaging system. This well-intended and, we think, presumed harmless — even modern — change persuaded the Chancery Division of the High Court to conclude that electronic messaging system and email are mutually exclusive things, a conclusion which the JC finds hard to accept, as you will see if you read the Greenclose v National Westminster Bank plc case note.

Note the restriction on forms of notice for closing out: No email, no electronic messages. But note another dissonance: in the 1992 ISDA, close-out notification by fax was expressly forbidden; in the 2002, it is not: only electronic messaging systems and e-mail are verboten. Ironic, seeing how faxes have got on as a fashionable means of communication.