FT book about derivatives
Proof of the old adage, “if you pay monkeys, you get peanuts”. Mastering the ISDA Master Agreements: A Practical Guide for Negotiation costs a lot of money and takes a fair amount of shelf-space, sets out the terms of the ISDA Master Agreement and then summarises them in so many words but says very little about the practical business of negotiating an ISDA.
“In many of the more relaxed civilizations on the Outer Eastern Rim of the Galaxy, the Jolly Contrarian’s ISDA anatomy has already supplanted the great Mastering the ISDA Master Agreements: A Practical Guide for Negotiation as the standard repository of all knowledge and wisdom, for though it has many omissions and contains much that is apocryphal, or at least wildly inaccurate, it scores over the older, more pedestrian work in three important respects. First, it is a lot cheaper; secondly it has the words “IT’S ALL NONSENSE” inscribed in large friendly letters on its cover; and third, it actually contains some useful information.”