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====Ancient v Modern==== | ====Ancient v Modern==== | ||
[[ | The difference between the Ancient and Modern versions of the CSA is that the [[OG CSA]]s assume you are trading under a {{1992ma}}, therefore using the {{isdaprov|Market Quotation}} valuation technique — which figures, since the {{2002ma}} with its {{isdaprov|Close-out Amount}} methodology hadn’t then been invented — whereas the [[Modern CSA]]s | ||
contemplate you having a ''either'' a {{1992ma}} ''or'' a {{2002ma}} and provides for them in the alternative. | |||
Here is a {{diff|36046|36045}} between the {{1995csa}} and the {{2016csa}} | Here is a {{diff|36046|36045}} between the {{1995csa}} and the {{2016csa}} | ||
==== | ====NY v English law==== | ||
The {{nyvmcsa}} tracks the {{vmcsa}} closely with two curious exceptions: Firstly, when imagining its [[hypothetical]] termination of all {{isdaprov|Transaction}}s it doesn’t explicitly carve out the {{isdaprov|Transaction}} constituted by the {{nyvmcsa}} itself — which is odd, because if you were treating it as a {{isdaprov|Transaction}} to be hypothetically included, you necessarily get a value of zero, since its value should be the exact negative of whatever the net mark-to-market value of all the other {{isdaprov|Transaction}}s are — and secondly it does not [[hypothetical]]ly suppose that the {{nyvmcsaprov|Secured Party}} is the {{isdaprov|Unaffected Party}}, thereby getting to be in the driver’s seat when constructing the necessary valuations. | |||
The {{nyvmcsa}} tracks the {{vmcsa}} closely with two curious exceptions: Firstly, when imagining its [[hypothetical]] termination of all {{isdaprov|Transaction}}s it doesn’t explicitly carve out the {{isdaprov|Transaction}} constituted by the {{nyvmcsa}} itself — which is odd, because if you were treating it as a {{isdaprov|Transaction}} to be hypothetically included, you necessarily get a value of zero, since its value should be the exact negative of whatever the net mark-to-market value of all the other {{isdaprov|Transaction}}s are — and secondly it does not [[ | |||
{{ | The reason you don’t have to except a {{nyvmcsa}} from hypothetical termination is buried deep in its earthen [[Ontology|ontological]] root system. It is not a Transaction. This is all discussed in the {{{{{1}}}}|Preamble}}. |