Inter-affiliate ISDA negotiation: Difference between revisions

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 ''With apologies to [http://www.gutenberg.org/files/1023/1023-h/1023-h.htm Charles Dickens]''
-On such an afternoon some score of members of the Contract Negotiation Specialists Group ought to be — as here they are — mistily engaged in one of the ten thousand stages of an endless cause, tripping one another up on the slippery slope of [[precedent]], groping knee-deep in [[Escalation|escalations]], running their heads against unpunctuated walls of words and making a great pretence of commercial point and counterpoint, as players might.
+The idea first struck Wickliffe Hampton’s London trading desk that it should hedge its own [[debt value adjustment]]s by laying them off to its German affiliate, Wickliffe Hampton Deutschland GmbH, as it then was, in 1996. A quick conversation between the desks settled that this might be a mutually beneficial arrangement — ''Deustchland'' had its own, own-credit risk to manage, after all, and couldn’t they swap them? The transaction management process was invoked, a request raised  to put in place the necessary contract documentation, a {{1992ma}}, following the prompt conclusion of which the pair of affiliates could scratch each others’ revenue-stating backs cheaply, effectively and the for the hereafter.
-On such an afternoon the various [[paralegal]]s, [[negotiator]]s, [[alternative legal service provider]]s, [[credit officer]]s in the cause, some two or three of whom have inherited it from a parent, who also made a living out of it, ought to be — as are they not? — arranged in a line, with [[Side letter|side-letter]]s, [[Margin lock-up|margin lock-ups]], [[Credit support document|credit support documents]], [[SFTR disclosures|title-transfer collateral arrangement disclosures]], [[Threshold Amount - ISDA Provision|Cross Default thresholds]], [[Additional Termination Event - ISDA provision|Additional Termination Events]], fee schedules, [[conditions precedent]], [[conditions subsequent]], [[Authorised signatory lists|authorised signatory lists]], audited financial statements, mountains of costly nonsense all, piled before them.
-Well may the commercial objective be dim; well may the fog of war saturate the recycled tropes have grown calcific through time-tested abeyance, their original purpose now so encrusted in soporific text it can not escape, and no [[negotiator]] has the disposition, let alone a mandate, let alone the ''fortitude'', to go in after it with the hammer and chisel it deserves. Instead, countless [[disempowered]] agents will lay yet more silt upon the accretive communiques by which they relay their halting progress back to countless [[disempowered]] superiors, bewildering may the obstacles to [[Consensus ad idem|consensus]] described within them be that they may pass uncomprehended and therefore unresolved amongst those occupying the higher rungs whose designated role is adjudication; well may we uninitiated from the streets, were we yet allowed to slip those security-controlled doors, gather up a printed sheaf and peruse its labyrinthine figures, be deterred from going on by its owlish aspect and by the simple acreage of black 11 point Times New Roman on white on a scale that presents as entropic blur, an invariant shade of grey that crisply snuffs what wick the lantern of curiosity might ever have possessed.
+On such an afternoon some score of members of the “Contract Negotiation Specialists Group”, as it is for the time being known, are  mistily engaged in one of the ten thousand stages of an endless cause, tripping one another up on the slippery slope of [[precedent]], groping knee-deep in [[Escalation|escalations]], running their heads against unpunctuated walls of words and making a great pretence of commercial point and counterpoint, as players in a cosmic comedy might.
+On such an afternoon the various [[transaction manager]]s [[paralegal]]s, [[negotiator]]s, [[legal process outsourcer]]s, [[credit officer]]s in the cause, most of whom have inherited these roles from a predecessor who also made a living out of it, ought to be — as are they not? — arranged in a line, with [[Side letter|side-letter]]s, [[Margin lock-up|margin lock-ups]], [[Credit support document|credit support documents]], [[SFTR disclosures|title-transfer collateral arrangement disclosures]], [[Threshold Amount - ISDA Provision|Cross Default thresholds]], [[Additional Termination Event - ISDA Provision|Additional Termination Events]], fee schedules, [[conditions precedent]], [[conditions subsequent]], [[Authorised signatory lists|authorised signatory lists]], audited financial statements, mountains of costly nonsense all, piled before them.
+Well may the commercial objective be dim; well may the fog of war saturate the recycled tropes have grown calcific through time-tested abeyance, their original purpose now so encrusted in soporific text it can not escape, and no [[negotiator]] has the disposition, let alone a mandate, let alone the ''fortitude'', to go in after it with the hammer and chisel it deserves. Instead, countless [[disempowered]] agents will lay yet more silt upon the accretive communiques by which they relay their halting progress back to countless [[disempowered]] superiors, bewildering may the obstacles to [[Consensus ad idem|consensus]] described within them be that they may pass uncomprehended and therefore unresolved amongst those occupying the higher rungs whose designated role is adjudication; well may we uninitiated from the streets, were we yet allowed to slip those security-controlled doors, gather up a printed sheaf and peruse its labyrinthine figures, be deterred from going on by its owlish aspect and by the simple acreage of black 11 point Times New Roman on white on a scale that presents as [[entropy|entropic]] blur, an invariant shade of grey that crisply snuffs what wick the lantern of curiosity might ever have possessed.
 In this way [[negotiation]] acquires its own life, its own interests, its own corporeal ''form''. It has a personality; it has its own interests, quite distinct from those whose fussy ministrations give it life. As a [[negotiation]] endures, it grows stronger — every extra effort in its cause expands it mass and lends it gravity, such that those who people its onward trajectory fall under its influence and then into its orbit: they can no more escape it than can they slip the surly bonds of Earth and dance the skies. Nor would they care to do so, for in its silken folds lie safety, security, nourishment and warmth — as long as the negotiation is on foot, their basest needs are met.