Business Day - 2006 ISDA Definition
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2006 ISDA Definitions
Section 1.4 in a Nutshell™ Use at your own risk, campers!
Full text of Section 1.4
2021 ISDA Interest Rate Derivatives Definitions
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Content and comparisons
In the abstract it seems, doesn’t it, such a simple idea.
But you know by now that the high-powered analytical microscope of ISDA’s crack drafting squad™ can turn the most basic intellectual frippery into a cascade of text, especially where, at the edges, there are points of ambiguity.
Summary
And, in a contractual framework as eager as ISDA’s is to span the globe, be assured there will be ambiguity, should you want to judge where, or by reference to what local entrepreneurs are expecting to turn up for work. A principal financial center for whom? A payer? Payee? Sender? Receiver? And for the purposes of doing what? Paying? Simply being in the office to receive your correspondence?
And, aye, that is before we even get to that rebellious sui generis the Euro, which doesn’t have a principal financial center (or, at any rate, has dozens of the buggers, each with its own cultural peculiarities and idiosyncratic obsessions of rest, relaxation and days off) and which has thus developed its own magical settlement system, ignorant of its bankers’ diverse recreational urges, to keep the financial gears of the great federal project oiled and turning.
And here the committee applies the range of its arsenal: inclusos, relevantses, applicables, (s)es, in accordance with, in respect of, and a few on or by reference tos in the closing, dying stages, when the indefatigable lungs of even those splendid draftspeoples are all but spent, their owners lying blue on the carpet.
So you might, if reaching for something easy, refer instead to the comparatively blunt concept of a Banking Day, where the only referent is the city to which you refer, it being understood that all cities have banks, and all bankers like to have weekends and holidays.
See also
Business Day in the 2021 ISDA Interest Rate Derivatives Definitions
References
In the abstract it seems, doesn’t it, such a simple idea.
But you know by now that the high-powered analytical microscope of an ISDA drafting committee can turn the most basic intellectual frippery into a cascade of text, especially where, at the edges, there are points of ambiguity.
And, in a contractual framework as eager as ISDA’s is to span the globe, be assured there will be ambiguity, should you want to judge where, or by reference to what local entrepreneurs are expecting to turn up for work. A principal financial center for whom? A payer? Payee? Sender? Receiver? And for the purposes of doing what? Paying? Simply being in the office to receive your correspondence?
And, aye, that is before we even get to that rebellious sui generis the Euro, which doesn’t have a principal financial center (or, at any rate, has dozens of the buggers, each with its own cultural peculiarities and idiosyncratic obsessions of rest, relaxation and days off) and which has thus developed its own magical settlement system, ignorant of its bankers’ diverse recreational urges, to keep the financial gears of the great federal project oiled and turning.
And here the committee applies the range of its arsenal: inclusos, relevantses, applicables, (s)es, in accordance with, in respect of, and a few on or by reference tos in the closing, dying stages, when the indefatigable lungs of even those splendid draftspeoples are all but spent, their owners lying blue on the carpet.
So you might, if reaching for something easy, refer instead to the comparatively blunt concept of a Banking Day, where the only referent is the city to which you refer, it being understood that all cities have banks, and all bankers like to have weekends and holidays.