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{{a|isda|{{image|Calculation Agent|png|''Secret Co-Calculation Agent Georgie Esterman'', {{vsr|1953}}}}}}The ISDA Schedule does contain an election for {{isdaprov|Calculation Agent}} but, curiously, the term isn’t otherwised defined or used in either version of the {{isdama}}. The parties may spend a great deal of fruitless energy in haggling, at {{isdaprov|Part 4(e)}} of the {{isdaprov|Schedule}}, about who should be the {{isdaprov|Calculation Agent}}, and what rights the other poor sap should have to challenge its determinations. | {{a|isda|{{image|Calculation Agent|png|''Secret Co-Calculation Agent Georgie Esterman'', {{vsr|1953}}}}}}{{d|Calculation Agent||n}}One who ''calculates'' things on behalf of contracting counterparties. In theory, under any kind of contract, but in practice, mainly in the ISDA extended fan-fiction universe, and in the documentation of bonds. To be fruitlessly compared and contrasted with a ''[[determination agent]]'', who ''determines'' things on behalf of contracting counterparties. | ||
Do “calculation” and “determination” differ? Not as far as this correspondent can see. But that won't stop [[legal eagle|over-enthusiastic members of the bar]] waxing lengthily about how they do.<ref>Pedants will note the different roles played by the {{eqderivprov|Calculation Agent}} and the {{eqderivprov|Determining Party}} in the {{eqdefs}}.</ref> | |||
===In the ISDA=== | |||
The ISDA Schedule does contain an election for {{isdaprov|Calculation Agent}} but, curiously, the term isn’t otherwised defined or used in either version of the {{isdama}}. The parties may spend a great deal of fruitless energy in haggling, at {{isdaprov|Part 4(e)}} of the {{isdaprov|Schedule}}, about who should be the {{isdaprov|Calculation Agent}}, and what rights the other poor sap should have to challenge its determinations. | |||
I hope it isn’t too disappointing to hear if your counterparty is a [[broker-dealer]] and you are not, your counterparty will insist on being the calculation agent. | I hope it isn’t too disappointing to hear if your counterparty is a [[broker-dealer]] and you are not, your counterparty will insist on being the calculation agent. | ||
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*In the {{funddefs}} (in virtually identical terms to the {{eqdefs}}) at Section {{funddefprov|1.27}}; | *In the {{funddefs}} (in virtually identical terms to the {{eqdefs}}) at Section {{funddefprov|1.27}}; | ||
*In the {{commoddefs}} at greater length in Section {{commoddefprov|4.5}}; | *In the {{commoddefs}} at greater length in Section {{commoddefprov|4.5}}; | ||
{{sa}} | |||
*{{eqdefsprov|determining Party}} | |||