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Like all good stories, the ISDA starts with a {{ {{{1}}}|Preamble}}. Everyone, once, stares at that gnomic title and thinks, “okay, what the hell is ''this'' all about?” | Like all good stories, the ISDA starts with a {{ {{{1}}}|Preamble}}. Everyone, once, stares at that gnomic title and thinks, “okay, what the hell is ''this'' all about?” | ||
The {{{{{1}}}|preamble}} is just the loosener before things get properly going, and there is not a lot to see. It has not changed a lot between the {{1992ma}} and the {{2002ma}} (nor indeed, from the {{1987ma}}, except that the {{isdaprov|Single Agreement}} clause got promoted from a casual remark during the warm-up, in the {{1987ma}}, to the first searching delivery of the first over by the {{1992ma}}.<ref>Cricket metaphor. To our American readers, we would say sorry, except that we are not. There will be cricket analogies throughout.</ref> | The {{{{{1}}}|preamble}} is just the loosener before things get properly going, and there is not usually a lot to see, but a good writer sets the scene, lays some ground work and casually calls the reader’s attention to things that later will become important — the proverbial rifle above the fireplace that goes off in the third act. So it is with the ISDA — though that is where the similarities with Chekhov end. Before long, it will go full Dostoyevsky us. | ||
It has not changed a lot between the {{1992ma}} and the {{2002ma}} (nor indeed, from the {{1987ma}}, except that the {{isdaprov|Single Agreement}} clause got promoted from a casual remark during the warm-up, in the {{1987ma}}, to the first searching delivery of the first over by the {{1992ma}}.<ref>Cricket metaphor. To our American readers, we would say sorry, except that we are not. There will be cricket analogies throughout.</ref> | |||
The {{isdama}} is the basic framework that applies to anyone who touches down on planet [[ISDA]]. | The {{isdama}} is the basic framework that applies to anyone who touches down on planet [[ISDA]]. | ||
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All usable versions of the ISDA 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 usable versions of the ISDA 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]]'''. | ||
There are three versions still conceivably in use: | There are three versions still conceivably in use: | ||
====={{2002ma}}===== | ====={{2002ma}}===== | ||
The still, after all these years, state-of-the-art {{2002ma}}. This is the most popular version — it took industry participants an ''awfully'' long time to get comfortable with it, despite its innovations being largely sensible, but now most of the European and Asian markets trade on the {{2002ma}}, and we sense even the Americans are coming to reluctant terms with it. | The still, after all these years, state-of-the-art {{2002ma}}. This is the most popular version — it took industry participants an ''awfully'' long time to get comfortable with it, despite its innovations being largely sensible, but now most of the European and Asian markets trade on the {{2002ma}}, and we sense even the Americans are coming to reluctant terms with it. | ||