Fox pass

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Negotiation Anatomy

A passing fox, yesterday

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As with any arcane and specialist subject, the ISDA documentation of derivatives is strewn with buried roots and faux pas for the unwary to trip over. Beware those who refer to their agreement as an eye-ess-dee-aye (it's izder), or a transaction under it as a Sw-æp (it's Sw-ŏp).

The Global Master Securities Lending Agreement is more benign for ingénues, on the other hand. jimzler, gummizler, gee-em-ess-el-aye: all are fine, but may peg you as a regional specialist (or quaintly old-fashioned) at worst.

See also