Template:Csa Settlement Day summ

OG CSAs

The Settlement Day is the day on which the Transfer of Eligible Credit Support has to land by. It can be a surprisingly long time after the demand was made, if you happen to be delivering odd securities traded on some weird market — that is less likely to be a thing now in these days of cash-collateralised VM CSAs of course, but for the OG CSAs it was a least possible.

Modern CSAs

The {{{{{1}}}|Settlement Day}} does not do much lifting in the 2016 VM CSA — the heavy lifting role has been largely usurped by the new {{{{{1}}}|Regular Settlement Day}}.

Which is mighty confusing, since the “{{{{{1}}}|Regular Settlement Day}}” in the new VM CSA is the same as the “Settlement Day” in the old one, but there is also a “{{{{{1}}}|Settlement Day}}” in the new CSA, which isn’t anything like the old one and is really only there for voluntary exchanges of already collateral under {{{{{1}}}|3(c)}} — hardly a big deal since you’ll mainly be posting cash anyway — and distributions of interest and income under {{{{{1}}}|5(c)(i)}}.

ISDA’s crack drafting squad™ no doubt had its priorities and imperatives to achieve here — who doesn’t? — but they don’t seem to have had much to do with helping beleaguered doc-jocks understand what is going on.