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Counterparts and Confirmations - ISDA Provision: Difference between revisions
Counterparts and Confirmations - ISDA Provision (view source)
Revision as of 12:59, 13 March 2019
, 13 March 2019→Section {{isdaprov|9(e)(ii)}} {{isdaprov|Confirmation}}s
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If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it? | If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it? | ||
'''TL;DR''': The original trade | '''TL;DR''': The original oral trade prevails. | ||
The prime thing to notice here is that the {{isdaprov|Confirmation}} is evidence of the {{isdaprov|Transaction}}, ''but it does not override the original {{isdaprov|Transaction}} terms, if they are different''. | The prime thing to notice here is that the {{isdaprov|Confirmation}} is evidence of the {{isdaprov|Transaction}}, ''but it does not override the original {{isdaprov|Transaction}} terms, if they are different''. | ||