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{{Dust capsule}} | {{Dust capsule}} | ||
===Voltaire and [[DUST]]=== | ===Voltaire and [[DUST]]=== | ||
In which {{icds}} got bogged down in the weeds once in [[1987 ISDA Interest Rate and Currency Exchange Agreement|1987]], and we’ve been dealing with resulting confusion ever since. A case of [[Voltaire’s maxim|perfection being the enemy of good enough]], as Voltaire would say, in | In which {{icds}} got bogged down in the weeds once in [[1987 ISDA Interest Rate and Currency Exchange Agreement|1987]], doubled down in their in-weed begged-downness in [[2002 ISDA Master Agreement|2002]], and we’ve been dealing with resulting confusion ever since. A case of [[Voltaire’s maxim|perfection being the enemy of good enough]], as Voltaire would say, in the [[JC]]’s humble opinion, eslecially in these modern times where, thanks to complulsory daily zero-threshold margining, [[DUST]] is even more of a dead letter than it even was in the good old days. To our knowledge, no {{isdama}} in history has been closed out using, ''exclusively'', Section {{isdaprov|5(a)(v)}}. | ||
We are talking about other derivative-''like'' transactions, between you and the same counterparty, where the counterparty presents a clear and present danger of blowing up, but where that behaviour has not yet manifested under the present {{isdama}}, meaning you have no grounds to blow them up directly. So, you know, fairly implausible scenario, but still. You want to use the event arising under this ''other'' {{isdaprov|Specified Transaction}} to detonate the present ISDA. [[The squad]] breaks your ability to do so down in to four scenarios: | We are talking about other derivative-''like'' transactions, between you and the same counterparty, where the counterparty presents a clear and present danger of blowing up, but where that behaviour has not yet manifested under the present {{isdama}}, meaning you have no grounds to blow them up directly. So, you know, fairly implausible scenario, but still. You want to use the event arising under this ''other'' {{isdaprov|Specified Transaction}} to detonate the present ISDA. [[The squad]] breaks your ability to do so down in to four scenarios: |