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Netting opinion: Difference between revisions
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It will be a rare day when one encounters this thought in any other context: | 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. | ||
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Also, it is a fact, that no [[insolvency administrator]], anywhere in the world, in the history of the world, has ever actually successfully challenged the netting down of offsetting transactions under a derivative trading agreement — or so far as [[I|this commentator]] knows, even tried to — because that would be a patently stupid thing to do, even by accident. | Also, it is a fact, that no [[insolvency administrator]], anywhere in the world, in the history of the world, has ever actually successfully challenged the netting down of offsetting transactions under a derivative trading agreement — or so far as [[I|this commentator]] knows, even tried to — because that would be a patently stupid thing to do, even by accident. | ||
{{ | {{sa}} | ||
*[[Close-out netting]] | *[[Close-out netting]] | ||
*[[Legal opinion]] | *[[Legal opinion]] | ||
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{{draft}} | {{draft}} | ||
{{egg}} | {{egg}} | ||
{{ref}} | |||