Dealer poll

Myths and legends of the market The JC’s guide to the foundational mythology of the markets.™ →Go uptown 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.

One of the great foundational myths of the financial market is that, in times of trouble, a council of expert market professionals will rally around a stricken colleague and provide wise, equable and firm prices on complicated derivative positions that underly the dealer’s structured products business. It is enshrined in the canonical texts of the financial services faith: the ISDA Master Agreement, the run of standard ICMA bond terms and conditions.

The fact that such a council of reference dealers has never once been reliably witnessed in the history of the derivatives markets, yea even unto the First Men, troubles no-one.

See also

• Reference Market-maker (1992 ISDA)
• Market Quotation (1992 ISDA)
• Close-out Amount (2002 ISDA)
• Reference Dealer (2010 GMSLA)