Template:M tldr isda Party A and Party B

Unlike most finance contracts, swaps were conceived as contracts between equals — “Party A” and “Party B” labels reflect this — either party can be long or short, or in- or out-of-the-money — clerical oversight can be a bitch — most swaps aren’t really contracts of equals — mistaken belief in bilaterality by regulators has arguably concentrated, rather than dissipated, systemic risk.