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Both {{t|EMIR}} and [[Dodd Frank]] have [[timely confirmation]] requirements obliging parties to have confirmed their scratchy tape recordings within a short period (around 3 days). This fell out of a huge backlog in confirming structured [[credit derivatives]] trades following the [[Lehman]] collapse. | Both {{t|EMIR}} and [[Dodd Frank]] have [[timely confirmation]] requirements obliging parties to have confirmed their scratchy tape recordings within a short period (around 3 days). This fell out of a huge backlog in confirming structured [[credit derivatives]] trades following the [[Lehman]] collapse. | ||
====Roger Moore indahouse ==== | |||
Lastly, a rare opportunity to praise those maestros of legal word-wrangelry, {{icds}}. In Section {{{{{1}}}|9(e)(ii)}}, they contemplate that one might agree a {{{{{1}}}|Transaction}} “[[orally or otherwise]]”. This is a smidgen wider than the usual [[legal eagle]]formulation of [[orally or in writing]]. It shows the while the swaps whizzes were conservative about how one might close out a Transaction, when putting an {{{{1}}}|transaction}} ''on'' you are constrained only by bounds of your imagination and the limits of ambiguity: not just written words, nor even oral ones, but the whole panoply of possible human communications: semaphore, naval flags, Morse code, waggled eyebrows, embarrassed smiles and any other kinds of physical gesture. | |||