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======{{1992ma}}====== | ======{{1992ma}}====== | ||
The first really global, earth-shaking version of the ISDA master was the 1992. This is still popular with traditionalists, those who can’t abide a one-day grace period for Failure to Pay or Delivery, and Americans. Until quite recently a good part of the American market was still on the {{1992ma}} — most of those heavily modified to take in most of the innovations of the {{2002ma}}, to the point where the refusal to budge looks to be largely down to the colossal weight of institutional inertia, of just basic bloody-mindedness. But the anecdotal sense we have is that even in New York, these days, the {{2002ma}} is the master agreement of choice for the discerning | The first really global, earth-shaking version of the ISDA master was the 1992. This is still popular with traditionalists, those who can’t abide a one-day grace period for Failure to Pay or Delivery, and Americans. Until quite recently a good part of the American market was still on the {{1992ma}} — most of those heavily modified to take in most of the innovations of the {{2002ma}}, to the point where the refusal to budge looks to be largely down to the colossal weight of institutional inertia, of just basic bloody-mindedness. But the anecdotal sense we have is that even in New York, these days, the {{2002ma}} is the master agreement of choice for the discerning ninja. | ||
======{{1987ma}}====== | ======{{1987ma}}====== | ||
The {{1987ma}} is all but a dead letter now, but just as there are still soldiers in the Burmese jungle fighting the Second World War, through inattention or truculence, there may be pockets, embedded deep in the impassable hinterlands of structured finance who still cling to the | The {{1987ma}} is all but a dead letter now, but just as there are still soldiers in the Burmese jungle fighting the Second World War, through inattention or truculence, there may be pockets, embedded deep in the impassable hinterlands of structured finance who still cling to the {{1987ma}}, notwithstanding its well-recognised shortcomings. If you come across one of these, proceed with caution: {{1987ma}}s don’t have a lot of safety features a modern derivatives counterparty relies on, so are only for real die-hard vinyl junkies and weirdos. | ||
All three versions have a tri-partite form: '''Pre-printed Master''', '''{{{{{1}}}|Schedule}}''', '''{{{{{1}}}|Confirmation}}''' and — well, ''this'' is controversial: for is it, or is it not, part of the {{isdama}}? — '''[[Credit Support Annex]]'''. | All three versions have a tri-partite form: '''Pre-printed Master''', '''{{{{{1}}}|Schedule}}''', '''{{{{{1}}}|Confirmation}}''' and — well, ''this'' is controversial: for is it, or is it not, part of the {{isdama}}? — '''[[Credit Support Annex]]'''. | ||