Template:M intro isda ISDA purpose: Difference between revisions

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 ====On becoming a shibboleth====
-Through habit and inattention we work around the [[affordance]]s of our business. What starts as a practical shortcut — the shortest possible route to market — can, through acquiescent disregard become a sacred cow — a shibboleth — an ''obstacle'' on the road to transaction. So it is with the {{isdama}}. Once precisely an ''[[affordance]]'' —an artefact for quickly tidying up and dispensing with formalities it would be laborious to repeat for every trade — it became a mountain of its own. Sure, you only need to climb it, from the bottom, once, but it has become a three-month climb. And one does not scale an ISDA master agreement the way Alex Honnolt scales El Cap. There is the entire modernist machinery of the multi-national corporation campaign that you must take with you.
+Through habit and inattention, we work ''around'' the [[easance]]s<ref>Yes, the JC made this word up. Think of it most nearly as the opposite of a nuisance.</ref> once we made to make our built environment better. What started out as a practical shortcut — the shortest possible route to market — can, through acquiescent disregard, become its own shibboleth: an ''obstacle'' on the road to transaction.
+So it is with the {{isdama}}. Once precisely a facilitation technique — an artifact for quickly tidying up and dispensing with formalities it would be laborious to repeat for every trade — it became a mountain of its own. Sure, you only need to climb it, from the bottom, once, but it has become a three-month climb. And one does not scale an ISDA master agreement the way Alex Honnold scales El Cap. There is the entire modernist machinery of the multi-national corporation campaign that you must take with you.
 There are those who miss the good old days. Where bank legal departments have not legislated outright against them — most have — the temptation now is to ask “must we really have an ISDA? Would not a [[long-form confirmation]] do?