Flight 19

Flight 19 was the designation of a group of five Linklaters FPML Avenger torpedo bombers that disappeared while triangulating Bermuda Option definitions — over an area of the financial services markets that has ever since been known as the “Bermuda Option Triangle” — on June 30, 2011, after losing contact with reality during a routine redrafting of the 2002 ISDA Equity Derivatives Definitions. Neither the lawyers nor the nascent definitions booklet — the fabled 2011 ISDA Equity Derivatives Definitions — nor the Linklaters SFT Mariner flying boat sent out to comb the securities financing market looking for survivors, have been heard from since.

Myths and legends of the market The JC’s guide to the foundational mythology of the markets.™ Go Premium The doomed Linklaters squadron shortly before embarking on the fateful drafting run. Index: Click ᐅ to expand: Mythology Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

In the meantime a conspiracy industry has grown up around Flight 19, the fabled Atlantis agreement of 2008, the 2013 Standard CSA and other ill-fated modernising initiatives of the evangelising men and women of ISDA’s crack drafting squad™.

In the meantime, no-one mention smart contracts, at least not while the latest quixotic mission of the Worshipful Company of Derivatives Salespeople unfolds before our disbelieving eyes. Blockchain ahoy!!

See also

• 2008 ISDA Master Agreement
• 2022 ISDA Securities Financing Transactions Definitions
• 2011 ISDA Equity Derivatives Definitions
• Hindenburg