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| {{isdadefsanat|3.2}} | | {{isdadefsanat|3.2}} |
| The day when everything starts for real on a {{isdaprov|Transaction}} — at which point payments start happening, {{isdadefsprov|Calculation Period}} begin to run and so on. To be contrasted with the {{isdadefsprov|Trade Date}}, being the date when traded and went “on risk” — at that point you struck your prices ([[Initial Price - Equity Derivatives Provision|Initial Price]], [[Strike Price - Equity Derivatives Provision|Strike Price]], so on). | | Amazing how many words you can contrive to take to say nothing when you put your mind to it. The first day of your Transaction. Thanks for writing in, ISDA. |
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| So the sequence is {{isdadefsprov|Trade Date}}, {{isdadefsprov|Effective Date}} — — and {{isdadefsprov|Termination Date}}.
| | {{effective date trade date termination date}} |