Template:1992 v 2002 comparison summary

The 2002 ISDA was introduced, primarily, to:

• Loss/MQ begone: Finally take out to the woodshed the whole Loss/Market Quotation farrago (and all that First Method and Second Method nonsense) by introducing the Close-out Amount.
• Reference market makers, Settlement Amounts also begone: That meant no need for Reference Market-makers, Settlement Amounts and so on so they went too.
• Force majeure: finally make an honest man out of , well, God, by adding a Force Majeure Event under Section 5(b)(ii) — hitherto parties had boshed up something custom each time.
• Waiting Time for Illegality: The 2002 ISDA builds out Illegality to include the Waiting Period concept (also used in Force Majeure Event come to think of it).
• Set-off: To finally end the gruesome cottage industry of half-arsed, half-witted set-off provisions that don’t really work, by providing an express, fully-arsed half-witted set-off provision that doesn’t really work (Set-off under Section 6(f)).