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The Atlantis Variation: Difference between revisions
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The [[2008 ISDA Master Agreement]], also known as the “[[Atlantis agreement]]”, is a rumoured edition of the {{isdama}}, which, according to legend, was ''almost'' completed in September 2008, but never saw the light of day | The [[2008 ISDA Master Agreement]], also known as the “[[Atlantis agreement]]”, is a rumoured edition of the {{isdama}}, which, according to legend, was ''almost'' completed in September 2008, but never saw the light of day. Instead it collapsed into a form of dark energy that powers the universe. If implemented, the [[2008 ISDA Master Agreement]] would have addressed the financial, infrastructural and regulatory challenges which dominated the derivatives trading market in the early 21st century. It would have consolidated trading documentation across a wide range of products ([[including but not limited to]] [[repo]], [[stock lending]], [[prime brokerage]], [[exchange traded derivatives]], [[commodities]] and [[emissions]], in so finally doing moving the financial world into a stable state: a [[sunlit utopia]] in which all risks are known, all eventualities experienced and contingencies accounted for. The form of [[2008 ISDA Master Agreement]] would be a short, plainly worded, preternaturally future-proofed, agile agreement allowing counterparties to agree trading terms with a minimum of fuss and no more than the cursory forensic management that could be garnered cheaply through unskilled personel in low-cost off-shore jurisdictions or, eventually, robots. | ||
====What | ====What happened?==== | ||
As it was, the challenge was just too big. The project expanded — at first gradually; in the closing stages at breakneck pace — and in the final days is believed to have exceeded its [[Schwarzschild radius of document comprehension|Schwarzschild radius]] altogether. There was a sudden, catastrophic implosion, and everything associated with the project — all traces of the agreement, earlier drafts, the firm {{ISDA}} engaged to coordinate the drafting (Messrs [[Tubb Fuller Breaden Potter Bacon]])<ref>[[TFBPB]] has never been heard of since, and curiously, no record now exists of this firm before 2008, even though it was apparently a global bemoth</ref> and several thousand members of ISDA’s document working group seconded by their employers to contributing their “clarifications” and doubt-avoidances for the greater good of the standard form. All — the document, the personnel, and the drafting tedia — have been lost to history, and we now do not know what the agreement said, how it said it, or indeed whether the agreement really existed at all. And the robots — | As it was, the challenge was just too big. The project expanded — at first gradually; in the closing stages at breakneck pace — and in the final days is believed to have exceeded its [[Schwarzschild radius of document comprehension|Schwarzschild radius]] altogether. There was a sudden, catastrophic implosion, and everything associated with the project — all traces of the agreement, earlier drafts, the firm {{ISDA}} engaged to coordinate the drafting (Messrs [[Tubb Fuller Breaden Potter Bacon]])<ref>[[TFBPB]] has never been heard of since, and curiously, no record now exists of this firm before 2008, even though it was apparently a global bemoth</ref> and several thousand members of ISDA’s document working group seconded by their employers to contributing their “clarifications” and doubt-avoidances for the greater good of the standard form. All — the document, the personnel, and the drafting tedia — have been lost to history, and we now do not know what the agreement said, how it said it, or indeed whether the agreement really existed at all. And the robots — | ||
===The shoulders of Orion 2006-1 CDO=== | ===The shoulders of Orion 2006-1 CDO=== | ||