Close out

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The apocalyptic act of bringing your derivative relationship with your counterparty to an unscheduled conclusion. Usually will only happen in a time of utter market panic, accompanied with fear and loathing, when the counterparty has morphed from a being a great guy with a ready joke and some chat about the kids as he put on yet another levered position to a shadowy, elusive figure who won't return your calls and, when you can find him. makes gnomic utterances and swears blind his operations team have given instructions to a new depositary you have never heard of, to pay you in full later in the day — these assurances being brilliantly unlikely, categorically unprovable but falling maddeningly short the fence which bounds the realms of commercial probability, so you just don’t know if he’s shitting you — this is a time when even the sensible folk in the organisation have lost their heads and are blaming it on you, and what you need is a calm, collected and easy-to-follow guide that will help you step through the labyrinth of closing out an ISDA while your risk guy calls you every forty-five seconds.

And guess what: the JC is here for you, folks.

JC’s has updated the step-by-step guide to closing out an ISDA and it is now premium content. You can access it here.

See also

• Close-out netting