2005 ISDA Master Give-Up Agreement: Difference between revisions

2005 ISDA Master Give-Up Agreement (view source)

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 Here is a copy of the [[Media:2005 ISDA Master Give-up Agreement.docx|2005 ISDA Master Give-Up Agreement]].
-This is an agency agreement whereby a prime broker client (called the "{{isdaprov|Designated Party}}") may enter transactions under an {{isdama}} with an executing broker (called the "{{isdaprov|Dealer}}") on behalf of the {{isdaprov|Designated Party}}'s  {{isdaprov|Prime Broker}}. There is never a principal-principal contract between the {{isdaprov|Designating Party}} and the {{isdaprov|Dealer}}.
+This is an agency agreement whereby a prime broker client (called the “{{isdaprov|Designated Party}}”) may enter transactions under an {{isdama}} with an executing broker (called the “{{isdaprov|Dealer}}”) on behalf of the {{isdaprov|Designated Party}}’s  {{isdaprov|Prime Broker}}. There is never a principal-to-principal contract between the {{isdaprov|Designating Party}} and the {{isdaprov|Dealer}}.
-Ironically - amusingly even, if ISDA documentation can ever said to be even faintly amusing - there is no give-up under this arrangement - there's only ever one contract between Dealer and Prime Broker - so the document is a misnomer of sorts.
+Ironically – amusingly even, if ISDA documentation can ever said to be even faintly amusing – there is no [[give-up]] under this arrangement – there’s only ever one contract between [[Dealer]] and [[Prime Broker]] – so the document is a misnomer of sorts.
-Compare that to the cash equity give-up process, where the prime broker client seeks a price indication from the executing broker, but never transacts any trade at all, but rather instructs its prime broker to do so. This one is a misnomer to, amusingly enough*, since here, also, there is never a contract that is given up.
+Compare that to the cash equity [[give-up]] process, where the [[prime broker]]’s client seeks a price indication from the [[executing broker]], but never transacts any trade at all, but rather instructs its [[prime broker]] to do so, against execution of a distinct [[equity swap]] between [[prime broker]] and client. This one is a misnomer too, amusingly enough<ref>Well – it’s amusing if that sort of thing floats your boat.</ref>since here, also, there is never a contract that is given up.
 {{isdaanatomy}}
-*If that sort of thing floats your boat.