Electronic messaging system

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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual

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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Section electronic messages in full

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
Comparisons
Template:Isdadiff electronic messages

Resources and navigation

Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project
Navigation Preamble | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14
Events of Default: 5(a)(i) Failure to Pay or Deliver5(a)(ii) Breach of Agreement5(a)(iii) Credit Support Default5(a)(iv) Misrepresentation5(a)(v) Default Under Specified Transaction5(a)(vi) Cross Default5(a)(vii) Bankruptcy5(a)(viii) Merger without Assumption
Termination Events: 5(b)(i) Illegality5(b)(ii) Force Majeure Event5(b)(iii) Tax Event5(b)(iv) Tax Event Upon Merger5(b)(v) Credit Event Upon Merger5(b)(vi) Additional Termination Event

Index — Click ᐅ to expand:

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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.
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Summary

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.
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General discussion

Template:M gen 2002 ISDA electronic messages
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See also

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References

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