Electronic messaging system

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2002 ISDA Master Agreement
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Section electronic messages in a Nutshell
Use at your own risk, campers!

electronic messages” and “electronic messaging systemexcludes e-mails but includes XML documents and similar markup languages.
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Full text of Section electronic messages

electronic messages” does not include e-mails but does include documents expressed in markup languages, and “electronic messaging system” will be construed accordingly.
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Related agreements and comparisons

Related Agreements
Click here for the text of Section electronic messages in the 1992 ISDA
Template:Isdadiff electronic messages

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Content and comparisons

No equivalent definition in the 1992 ISDA. There wasn’t really such a thing as email back then.


An innocuous definition you would think but you would be wrong. For behold: an electronic message excludes e-mail. This was a persuasive factor in the learned judge’s idiosyncratic reasoning in the great case of Greenclose v National Westminster Bank plc, a case that illustrates the point that little old ladies make bad law.

General discussion

Template:M gen 2002 ISDA electronic messages

See also



Is email an electronic messaging system as contemplated by Section 12 of the 1992 ISDA? No, according to Greenclose v National Westminster Bank plc. Nor, as is abundantly clear, in the 2002 ISDA, however counter-intuitive this may seem.

See also