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Netting opinion: Difference between revisions
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[[Netting opinion]]s tend to be long, academic, laden with hypotheticals, appealing to [[Latin]]ate principles of civil law and demanding of unusually skilled powers of comprehension and patience — they are required by regulation to be, in fact — but when it comes down to it, they all say the same thing: that close-out {{tag|netting}} is, ultimately, enforceable: because a [[netting opinion]] would have no reason to exist if it said anything else. | [[Netting opinion]]s tend to be long, academic, laden with hypotheticals, appealing to [[Latin]]ate principles of civil law and demanding of unusually skilled powers of comprehension and patience — they are required by regulation to be, in fact — but when it comes down to it, they all say the same thing: that close-out {{tag|netting}} is, ultimately, enforceable: because a [[netting opinion]] would have no reason to exist if it said anything else. | ||
It will be a rare day when one encounters this thought in any other context: | |||
:According to legal literature, [[forward contract|forward contracts]] (''marchés a terme'') are [[synallagmatic]] (that is, the parties enter into mutual commitments, each binding itself to the other) and onerous contracts (that is, one party gives or promises something as a [[consideration]] for the commitment of the other party) and contain an [[aleatory]] element (''contrat aléatoire'').<ref>What this seems to be saying is these contracts involve mutual obligations and consideration — in other words, are contracts, and there is a chance element outside the control of the parties: that is, they’re a derivative.</ref> | |||
But God — manifesting {{sex|Herself}} in the shape of the [[Basel Committee on Banking Regulations and Supervisory Practices]], plays a cruel cosmic joke on all [[inhouse lawyer]]s. By ''diktat'' of the latest [[Basel Accord]]) they must diligently read and draw reasoned conclusions from these God-forsaken tomes, so that their firm's financial controllers can recognise balance sheet reductions as a result. | But God — manifesting {{sex|Herself}} in the shape of the [[Basel Committee on Banking Regulations and Supervisory Practices]], plays a cruel cosmic joke on all [[inhouse lawyer]]s. By ''diktat'' of the latest [[Basel Accord]]) they must diligently read and draw reasoned conclusions from these God-forsaken tomes, so that their firm's financial controllers can recognise balance sheet reductions as a result. | ||