Counterparts and Confirmations - ISDA Provision: Difference between revisions

Counterparts and Confirmations - ISDA Provision (view source)

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 So, a reconciliations dude who sends out a confirm which carelessly misinterprets the trade log is not making a contractual mistake: he is incorrectly recording the contract.
-Similarly, the reconciliations dude who sends out a confirm ''which corrects an error made by the trader'' has no mandate to make that change. The error is the trader’s. the trader should live with it, and throw herself at the mercy of the jurisprudence of [[contractual mistake]]s if need be: it is not for said reconciliations dude to pull her out of a hole.
+Similarly, the reconciliations dude who sends out a confirm ''which corrects an error made by the trader'' has no mandate to make that change. The error is the trader’s. The trader should live with it, and throw herself at the mercy of the jurisprudence of [[contractual mistake]]s if need be: it is not for said reconciliations dude to pull her out of a hole.
 Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear.