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I regarded the document, and then the pills. The contract was slim, rendered on crisp onionskin. It had a five-part {{isdaprov|Schedule}} at the back. It was beautiful — strange — ''alien'' in its ineffable obliqueness. I mouthed its title, printed in block capitals across the front page: “[[Eye-ess-dee-aye]]”. My mind whirred with the other-worldly concepts: {{isdaprov|Single Agreement}}. {{isdaprov|Merger Without Assumption}}. {{isdaprov|Netting}}. {{isdaprov|Gross-Up}}. {{isdaprov|Default Under Specified Transaction}}. What could they all mean? I didn't know, I didn’t understand, but I was hooked. I took the red pill. | I regarded the document, and then the pills. The contract was slim, rendered on crisp onionskin. It had a five-part {{isdaprov|Schedule}} at the back. It was beautiful — strange — ''alien'' in its ineffable obliqueness. I mouthed its title, printed in block capitals across the front page: “[[Eye-ess-dee-aye]]”. My mind whirred with the other-worldly concepts: {{isdaprov|Single Agreement}}. {{isdaprov|Merger Without Assumption}}. {{isdaprov|Netting}}. {{isdaprov|Gross-Up}}. {{isdaprov|Default Under Specified Transaction}}. What could they all mean? I didn't know, I didn’t understand, but I was hooked. I took the red pill. | ||
The notional amount of OTC derivatives traded in 1995<ref>According to BIS Triennial Review, since you are asking. {{google3|BIS|Triennial|Review}}.</ref> was about USD12 trillion. In 2018 it was nudging USD600 trillion<ref>According to [https://www.isda.org/a/9atME/Key-Trends-in-Size-and-Composition-of-OTC-Derivatives-Markets.pdf ISDA].<ref>. | The notional amount of OTC derivatives traded in 1995<ref>According to BIS Triennial Review, since you are asking. {{google3|BIS|Triennial|Review}}.</ref> was about USD12 trillion. In 2018 it was nudging USD600 trillion<ref>According to [https://www.isda.org/a/9atME/Key-Trends-in-Size-and-Composition-of-OTC-Derivatives-Markets.pdf ISDA].</ref>. | ||
Little did I know haw tediously familiar it would all become. ISDA [[negotiation]] moved from massive fee-generative bespoke legal work to inhouse teams, to negotiators, to operations clerks, to operations clerks in India. | Little did I know haw tediously familiar it would all become. ISDA [[negotiation]] moved from massive fee-generative bespoke legal work to inhouse teams, to negotiators, to operations clerks, to operations clerks in India. | ||
===What does this all mean=== | |||
In 1995 an ISDA was a rare and special beast. Nowadays it isn't — large institutions negotiate thousands of them every year — so management consultants the world over are poring over the {{wasteprov|cost}}s of [[negotiation]] to see how to bring them down. This means some kind of triage. | |||
{{ref}} | |||