Template:Isda architecture: Difference between revisions

*the all-but-retired-but-don’t-forget-there-are-still-soldiers-in-the-Burmese-jungle '''{{1987ma}}'''<ref>Seriously: proceed with cuation with one of these. {{1987ma}}s don’t have a lot of safety features a modern derivatives counterparty relies on, so only for real specialists and weirdos. Think of it like flying a spitfire rather than a 737 Max. Um, okay, bad {{t|metaphor}}.</ref>

All three versions have a tri-partite form: '''Pre-printed Master''', '''Schedule''' and '''CSA'''.

The first part of the trinity is the pre-printed form of {{isdama}}.  

*'''Content''': The {{isdama}} has 14 “Sections” and is inviolate. It doesn’t have much to say about any particular Transaction, but just assumes you will be entering lots of them, and provides for general terms that apply to all of them. So, {{isdaprov|Representations}}, [[Agreements - ISDA Provision|covenants to maintain certain standards]] and supply credit information, and critically {{isdaprov|Events of Default}}, {{isdaprov|Termination Events}}, and {{isdaprov|Close-out}} rights. [[Close-out]] is deep ISDA lore: this is what almost all of the excitement in an ISDA negotiation is about, and there will be much more to say about it later.