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Netting manifesto: Difference between revisions
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*'''No co-ordination''': The industry associations don’t co-ordinate their opinion gathering, and indeed treat the gathering opinions as some kind of secret, commercially vital operation. | *'''No co-ordination''': The industry associations don’t co-ordinate their opinion gathering, and indeed treat the gathering opinions as some kind of secret, commercially vital operation. | ||
*'''Mucho duplication''': Despite ''tons'' of overlap in subject matter — whether an agreement is nettable for a given counterparty is unlikely to differ by agreement type — the [[industry association]]s instruct different firms, phrase their instructions differently, and identify and categorize counterparty types differently. B | *'''Mucho duplication''': Despite ''tons'' of overlap in subject matter — whether an agreement is nettable for a given counterparty is unlikely to differ by agreement type — the [[industry association]]s instruct different firms, phrase their instructions differently, and identify and categorize counterparty types differently. B | ||
Arbitrary gaps: There are arbitrary caps in coverage. A significant portion of our counterparties are not covered by industry opinions and require bespoke opinions | *'''Arbitrary gaps''': There are arbitrary caps in coverage. A significant portion of our counterparties are not covered by industry opinions and require bespoke opinions | ||
Incomprehensible: The opinons are long, verbose, and do not summarise of provide clear guidance, such that there are third-party services (e.g. AOSphere) designed to aid the interpretation and codification of opinions, and even these are inadequate, requiring additional internal interpretation. | *'''Incomprehensible''': The opinons are long, verbose, and do not summarise of provide clear guidance, such that there are third-party services (e.g. AOSphere) designed to aid the interpretation and codification of opinions, and even these are inadequate, requiring additional internal interpretation. | ||
Supplemental opinions: As a result UBS (and other institutions) must get additional custom opinions for entity types, jurisdictions and agreement types not covered by every industry opinion. | Supplemental opinions: As a result UBS (and other institutions) must get additional custom opinions for entity types, jurisdictions and agreement types not covered by every industry opinion. | ||