Template:M comp disc 1992 ISDA Settlement Amount

As the left-handed policeman said when you asked for directions, “well, I wouldn’t start from here”.

This is the closest you’ll get to the Close-out Amount in the 1992 ISDA, but it only applies to Market Quotation and not Loss — though in a pitiless irony, its practical effect is that you will find yourself using Loss even though you chose Market Quotation in any case. In most cases, the world will have long since arrived at hell in its hand-basket by the time you get to refer to this clause, no Reference Market-maker worth a tuppenny damn will be quoting Monty Python let alone firm prices on your portfolio of Terminated Transactions, so the whole intellectual edifice of Market Quotation will have long since collapsed into Loss and the mechanics of this Settlement Amount will be totes academic.

For the full picture see Section 6(e)(i). A conclusion you may feel bound to draw, even if it doesn’t help you as you manhandle the grizzly bear of a termination process in the 1992 ISDA, is that it is much, much easier in the 2002 ISDA.