Template:LBD capsule CSA

The keen will have noticed that Local Business Day under an English law CSA is different from Local Business Day under the ISDA Master Agreement itself, whereas a Local Business Day under a New York law CSA separately defines the term, but only to defer to the original definition in the ISDA Master Agreement, pausing only to clarify that references to “payment” in the ISDA Master Agreement definiton are deemed to include Transfers under the CSA.

Why ISDA’s British crack drafting squad™ couldn’t have done this too, we can only wonder.