ISDA netting categories

From The Jolly Contrarian
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When it comes to analysing netting opinions for ISDA Master Agreement, one helpful thing ISDA came up with is to create generic categories of legal entity which local counsel could match the specific legal entities in that jurisdiction. So for example, an english limited liability company, a Luxembourg société anonyme and a German aktiengesellschaft are each varieties of thegeneric ISDA category “Corporation”. This means that a netting engine needs to have only fifteen legal entity types, rather than thousands.

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