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Long-form confirmation: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "A long form confirmaion, or "{{tag|LFC}}", generally refers to the documentation for a financial transaction between two parties which have not (yet) formally signed a [[maste...") |
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====Example: ISDA LFC==== | ====Example: ISDA LFC==== | ||
For example, an {{ | For example, an {{tag|ISDA}} {{tag|LFC}} incorporates by reference the {{isdama}}, without a {{isdaprov|Schedule}}, pulling in the provisions in the {{isdama}} concerning termination and close-out, representations, and (subject to the proviso below) close out and settlement netting. | ||
====Drawbacks==== | ====Drawbacks==== | ||
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*The standard LFC deems eachy separate transaction to be executed under s "stand-alone" {{isdama}}. Without additional amendment, there would not be cross-transactional [[close-out netting]] between two LFCs exectuted with the same party (though this language may be overcome provided there is some "aggregation language" in every LFC, and every LFC has the same designated {{isdaprov|Termination Currency}}). | *The standard LFC deems eachy separate transaction to be executed under s "stand-alone" {{isdama}}. Without additional amendment, there would not be cross-transactional [[close-out netting]] between two LFCs exectuted with the same party (though this language may be overcome provided there is some "aggregation language" in every LFC, and every LFC has the same designated {{isdaprov|Termination Currency}}). | ||
{{ | {{isdaanatomy}} | ||