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Extraordinary Dividend - Equity Derivatives Provision: Difference between revisions
Extraordinary Dividend - Equity Derivatives Provision (view source)
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You would be forgiven for thinking this definition a little circular, especially if you haven't specified what an {{eqderivprov|Extraordinary Dividend}} will be in the {{isdaprov|Confirmation}}. This is because the ISDA drafting committee felt it was all a bit hard. “Because,” said they, “of the difficulties of determining in advance in any formulaic way what would constitute an {{eqderivprov|Extraordinary Dividend}}, the details of this are left to parties to state in their {{isdaprov|Confirmation}}s.” | You would be forgiven for thinking this definition a little circular, especially if you haven't specified what an {{eqderivprov|Extraordinary Dividend}} will be in the {{isdaprov|Confirmation}}. This is because the ISDA drafting committee felt it was all a bit hard. “Because,” said they, “of the difficulties of determining in advance in any formulaic way what would constitute an {{eqderivprov|Extraordinary Dividend}}, the details of this are left to parties to state in their {{isdaprov|Confirmation}}s.” | ||
Of course, the point about an {{eqderivprov|Extraordinary Dividend}} is that it is ''extraordinary''. Out of the ordinary; off the beaten track; beyond the mortal comprehension, and powers of prediction, not just of the sainted ISDA drafting committee, but of those poor saps, too, | Of course, the point about an {{eqderivprov|Extraordinary Dividend}} is that it is ''extraordinary''. Out of the ordinary; off the beaten track; beyond the mortal comprehension, and powers of prediction, not just of the sainted ISDA drafting committee, but of those poor saps, too, grinding out your equity derivative trade confirms in some mice-invested operations depot in suburban Almaty. How are ''they'' supposed to know what an {{eqderivprov|Extraordinary Dividend}} is? | ||
Anyway, the definition boils down, as best as I can fathom, to this: | Anyway, the definition boils down, as best as I can fathom, to this: | ||