Electronic messaging system

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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™

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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.

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.

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