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Counterparts and Confirmations - ISDA Provision: Difference between revisions
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Counterparts and Confirmations - ISDA Provision (view source)
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{{isdaanat|9(e)}} | {{isdaanat|9(e)}} | ||
===Section {{isdaprov|9(e)(ii)}} {{isdaprov|Confirmation}}s''' === | |||
If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it? | If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it? | ||
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Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear. | Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear. | ||
'''[[Counterpart]]s''' | ==== [[Timely confirmation]] regulations and deemed consent==== | ||
Both {{t|EMIR}} and [[Dodd Frank]] have [[timely confirmation]] requirements obliging parties to have confirmed their scratchy tape recordings within a short period (around 3 days). This fell out of a huge backlog in confirming structured [[credit derivatives]] trades following the Lehman collapse. | |||
===Section {{isdaprov|9(e)(i)}} '''[[Counterpart]]s'''=== | |||
There is an impassioned essay about the idiocy of [[counterparts]] clauses elsewhere<ref>In the [[counterparts]] article, as a matter of fact.</ref>. | |||
{{seealso}} | {{seealso}} | ||