Template:M summ EUA Annex Parties

Dear old ISDA’s crack drafting squad™ have even managed to make a dog’s breakfast of this, by introducing two terms for the same party, depending on its role in the Transaction, and the type of Transaction.

One may be either a Buyer or a Seller; in a Forward, the Buyer always receives and the Seller always delivers.

But for an Option, depending on whether it is a Call or a Put, a Buyer may be a Delivering Party or a Receiving Party.

It all seems a bit much like hard work, doesn’t it. Not helped by the terms being used differently in the IETA Master Agreement and EFET Allowances Appendix.