1985 ISDA Code of Standard Wording, Assumptions and Provisions for Swaps: Difference between revisions

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1985 ISDA Code of Standard Wording, Assumptions and Provisions for Swaps (view source)

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-I mean check that baby out; did you see what they ''did'' there??? It's a goddamn ''[[acrostic]]''! Whoever heard of ''playfulness'' in the documentation of derivatives?. The {{1985ma}} is the first ever attempt, by the [[Children of the Forest]], progenitors of the [[First Men]], those valiant but somehow feral predecessors to the latter day crusading knights of {{icds}}, to make flesh and blood the idea of an ''{{isdama}}''. But this is a barebones thing indeed: Events of Default and Termination Events are there ... none! Parties has to put them in the confirmation. So, no [[netting]], no [[single agreement]] — whcih kind of figures, since [[Basel Committee on Bank Supervision|BCB]] only hit on the idea of granting capital relief for netting arrangements in 1986, no Section {{isdaprov|2(a)(iii)}} —
+I mean check that baby out; did you see what they ''did'' there??? It's a goddamn ''[[acrostic]]''! Whoever heard of ''playfulness'' in the documentation of derivatives? The {{1985ma}} is the first ever attempt, by the [[Children of the Woods]], progenitors of the [[First Men]], those valiant but somehow feral predecessors to the latter-day crusading knights of {{icds}}, to make flesh and blood the idea of an ''{{isdama}}''.
+And we know, from that telltale acrostic, that these were not the humdrum, process-oriented, detail-obsessed boxwallahs who now run ISDA. These were capricious, flipsy, okay maybe a bit ''bookish'' rebels, drunk on the excitement of [[contracts for difference]], standing on the threshold of a brave new adventure. If only they could have seen where it would all end out.
+For all its paleontological significance the {{1985ma}} is a barebones thing indeed: Events of Default and Termination Events are there ... ''none''. Parties had to put them in the confirmation. Even failure to pay.
+So, no [[netting]], no [[single agreement]] — which kind of figures, since [[Basel Committee on Bank Supervision|BCB]] only hit on the idea of granting capital relief for netting arrangements in 1986 — no Section {{isdaprov|2(a)(iii)}} —
 {{sa}}