Flight 19

Myths and legends of the market The JC’s guide to the foundational mythology of the markets.™ →Go uptown The doomed Linklaters squadron shortly before embarking on the fateful drafting run. Index: Click ᐅ to expand: Mythology Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Flight 19 was the designation of a group of five Linklaters FPML Avenger torpedo bombers that disappeared while triangulating Bermuda Option definitions — over an area of the financial services markets that has ever since been known as the “Bermuda Option Triangle” — on June 30, 2011, after losing contact with reality during a routine redrafting of the 2002 ISDA Equity Derivatives Definitions. Neither the lawyers nor the nascent definitions booklet — the fabled 2011 ISDA Equity Derivatives Definitions — nor the Linklaters SFT Mariner flying boat sent out to comb the securities financing market looking for survivors, have been heard from since.

In the meantime a conspiracy industry has grown up around Flight 19, the fabled Atlantis agreement of 2008, the 2013 Standard CSA and other ill-fated modernising initiatives of the evangelising men and women of ISDA’s crack drafting squad™.

In the meantime, no-one mention smart contracts, at least not while the latest quixotic mission of the Worshipful Company of Derivatives Salespeople unfolds before our disbelieving eyes. Blockchain ahoy!!

See also

• 2008 ISDA Master Agreement
• 2022 ISDA Securities Financing Transactions Definitions
• 2011 ISDA Equity Derivatives Definitions
• Hindenburg