Just a dream

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Myths and legends of the market
The JC’s guide to the foundational mythology of the markets.™

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and then I woke up and it was all just a dream” — also known as the First Method — is ancient ISDA lore, dating from the First Men — possibly even their pre-derivative antecedents, the Synthæse.

The First Method is, nowadays, widely seen as non-canon, a kind of apocrypha that, seeing as it dates from the foundational times deserves respect and commemoration, even though few would openly practice it, and many — your correspondent included — regard it as a heresy, an abomination before all right-thinking members of the Worshipful Company of Swaps Dealers.

One faction — a semi-autonomous religious cult known as Carbon Squad™ — have been waging a campaign to revive it, and it features in several version of the Emissions Annex, which that group sees as a kind of semi sacred text (even though non-adherent practitioners tend to delete all references to it.

See also