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Being the document by which {{isdaprov|Credit Support}} is provided by a {{isdaprov|Credit Support Provider}}. | Being the document by which {{isdaprov|Credit Support}} is provided by a {{isdaprov|Credit Support Provider}}. | ||
===The {{csa}} is ''not'' a Credit Support Document...=== | ===The {{csa}} is ''not'' a Credit Support Document...=== | ||
Note that a {{tag|CSA}} is '''not''' a {{isdaprov|Credit Support Document}}, and you should not list it as one in {{isdaprov|Part 4}} of the {{isdaprov|Schedule}}, however satisfying it might be to do so. I mean it sounds like one, right? But no: the counterparty cannot be its own {{isdaprov|Credit Support Provider}}. The {{csa}} is, rather, a {{isdaprov|Transaction}} under the {{isdama}}. This is rather important to the whole issue of [[close-out netting]]. Deep [[ISDA lore]]. | Note that a {{tag|CSA}}<ref>and its VM update, the {{vmcsa}}.</ref> is '''not''' a {{isdaprov|Credit Support Document}}, and you should not list it as one in {{isdaprov|Part 4}} of the {{isdaprov|Schedule}}, however satisfying it might be to do so. I mean it sounds like one, right? But no: the counterparty cannot be its own {{isdaprov|Credit Support Provider}}. The {{csa}} is, rather, a {{isdaprov|Transaction}} under the {{isdama}}. This is rather important to the whole issue of [[close-out netting]]. Deep [[ISDA lore]]. | ||
===... But the {{nycsa}} ''is'' a {{isdaprov|Credit Support Document}}=== | ===... But the {{nycsa}} ''is'' a {{isdaprov|Credit Support Document}}=== | ||
Because it is a {{sfca}} arrangement and not a {{ttca}}, transfer of credit support under a {{nycsa}} does not change the net liabilities between the parties, the {{nycsa}} (and its regulatory VM successor, the {{nyvmcsa}} is a {{isdaprov|Credit Support Document}} and not a transaction under the {{isdama}}. Fun, huh? | Because it is a {{sfca}} arrangement and not a {{ttca}}, transfer of credit support under a {{nycsa}}<ref>and its VM update, the {{nyvmcsa}}.</ref> does not change the net liabilities between the parties, the {{nycsa}} (and its regulatory VM successor, the {{nyvmcsa}} is a {{isdaprov|Credit Support Document}} and not a transaction under the {{isdama}}. Fun, huh? | ||
===[[Guarantees]] under the {{isdama}}: why {{isdaprov|Transaction}}-specific {{isdaprov|guarantee}}s don't work=== | ===[[Guarantees]] under the {{isdama}}: why {{isdaprov|Transaction}}-specific {{isdaprov|guarantee}}s don't work=== | ||
{{isdaguaranteewarning}} | {{isdaguaranteewarning}} | ||
{{ref}} | {{ref}} |