Default under specified transaction: Difference between revisions

Default under specified transaction (view source)

54 bytes added , 19 January 2015

no edit summary

82,903

edits

@@ Line 1: / Line 1: @@
-A [[default under specified transaction]], or "[[DUST]]", is a concept native to the {{isdama}} but which you may see in other Master Trading Documentation (but not all: it is not usual in a {{gmsla}} or a {{gmra}}), which provides a right to terminate a master trading agreement upon a default by your counterparty under another equivalent master agreement {{isdaprov|between you and that counterparty}}.
+A [[default under specified transaction]], or "[[DUST]]", is a concept native to the {{isdama}} but which you may see in other Master Trading Documentation (but not a {{gmsla}} or a {{gmra}}).
-It can be compared to [[cross default]], which allows you to terminate your master agreement when the counterparty defaults under indebtedness ''to a third party'' (not you).
+[[DUST]] provides a right to terminate the master trading agreement in which it features upon a default by your counterparty under one or more transactions documented under a ''different'' {{tag|master agreement}} ''between you and that same counterparty''.
+It can be compared to [[cross default]], which allows you to terminate your {{tag|master agreement}} when the counterparty defaults under indebtedness ''to a third party'' (not you).
 ===Differences between cross default and DUST===