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Template:M intro isda ISDA purpose: Difference between revisions
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So it is with the {{isdama}}. Once precisely a [[easance]] — 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, that has become a three-month operation. You do not scale an ISDA master agreement the way Alex Honnold scales El Cap. You must take the entire modernist machinery of your institution with you. | So it is with the {{isdama}}. Once precisely a [[easance]] — 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, that has become a three-month operation. You do not scale an ISDA master agreement the way Alex Honnold scales El Cap. You must take the entire modernist machinery of your institution with you. | ||
There are those who miss the good old days. Where bank legal departments have not legislated outright against them — most have, long since — the temptation now is to ask “must we really have an ISDA? Would not a [[long-form confirmation]] do? | There are those who miss the good old days. Once the aggravation of a “long-form confirmation” was the mischief an ISDA was designed to solve. Where bank legal departments have not legislated outright against them — most have, long since — the temptation now is to ask “must we really have an ISDA? Would not a [[long-form confirmation]] do? There other good reasons for a master agreement, as we will see, but none of these necessitate the operation machinery that has grown around the ISDA. | ||
This is how the [[military-industrial complex]] of agency operates: it shapeshifts to create work to occupy the available rent.<ref>see the [[eighteenth law of worker entropy]]. Remind me to do an article on the [[rent carrying capacity]] of financial services.</ref> | This is how the [[military-industrial complex]] of agency operates: it shapeshifts to create work to occupy the available rent.<ref>see the [[eighteenth law of worker entropy]]. Remind me to do an article on the [[rent carrying capacity]] of financial services.</ref> | ||