Template:M intro isda Party A and Party B: Difference between revisions

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 These set the ISDA apart; give it a sort of otherwordly aloofness.
-Other banking and broking arrangements use labels which  terms help you orient who is who:  “Borrower” and “Lender”; “Bank” and “Client”; “Broker” and “Customer”; or “Buyer” and “Seller”. From the outside ISDA’s framers opted for the decidedly more gnomic “{{isdaprov|Party A}}” and “{{isdaprov|Party B}}”.
+Other banking and broking transactions use labels which help you orient who is who:  “Borrower” and “Lender”. “Bank” and “Client”. “Broker” and “Customer”. “Buyer” and “Seller”.
+From the outside ISDA’s framers — the [[First Men]] — opted for the more gnomic terms “{{isdaprov|Party A}}” and “{{isdaprov|Party B}}”.
+Why? We learn it from our first Schedule. ''Bilaterality''.
 ===Bilaterality===
-This derives from the belief in even-handedness that gripped the [[First Men]] who forged the [[deep magic]] from which the [[First Swap]] was born. For most finance contracts imply some sort of dominance and subservience: a large institutional “have” indulging a small commercial “have-not” with debt finance for the repayment of which the larger “have” enjoys a privileged place in the queue for repayment among the have-not’s many scrapping creditors.
+A belief in even-handedness gripped the ones whose [[deep magic]] forged the runes from which the [[First Swap]] was born.
+For most finance contracts imply some sort of dominance and subservience: a large institutional “have” indulging a small commercial “have-not” with debt finance for the repayment of which the larger “have” enjoys a privileged place in the queue for repayment among the have-not’s many scrapping creditors.
 But [[swaps]], as the [[First Men]] saw them, are not like that.