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What can we learn from this: | What can we learn from this: | ||
==Litigation takes ages== | ==Litigation takes ages== | ||
Here we are in the year of our Lord 2023, the [[Lehman]] [[horcrux]] was buried deep into the misty grags [[Iron Mountain]] some 15 years ago — that is ''two'' [[limitation period]]s — and we are still conducting litigation about how to close out and value an {{isdama}}, a master agreement that presides over some ''trillions'' of financial instruments each year. | |||
==No-one really understands the practicalities of how ISDAs close out== | ==No-one really understands the practicalities of how ISDAs close out== | ||
== | This is, of course, bec | ||
==“Dealer polls” are not a thing== | |||
Oh, they are a ''[[legal contract]]'' thing, totally: they are just not a “this exists in the real world of derivatives trading” thing. The fact that so many legal contracts rely for their successful conclusion upon a dealer poll as a means of resolving valuationdisputes — the {{isdama}} does, as does the {{gmsla}} and the {{gmra}} — provision and no-one knows this, really only goes to show how pointless and falsely comforting is much of the [[verbiage]] that accompanies the construction and execution of modern financial instruments. | Oh, they are a ''[[legal contract]]'' thing, totally: they are just not a “this exists in the real world of derivatives trading” thing. The fact that so many legal contracts rely for their successful conclusion upon a dealer poll as a means of resolving valuationdisputes — the {{isdama}} does, as does the {{gmsla}} and the {{gmra}} — provision and no-one knows this, really only goes to show how pointless and falsely comforting is much of the [[verbiage]] that accompanies the construction and execution of modern financial instruments. | ||