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{{a|isda|{{image|Calculation Agent|png|Secret Co-Calculation Agent [[Georgie Esterman]], in a still from Otto {{buchstein}}’s under-appreciated 1952 [[Opco Boone]] noir'' The [[Co-calculation agent|Co-Calculation Agent]] Who Loved Me''}}}}{{d|Calculation Agent|/ˌkælkjʊˈleɪʃən ˈeɪʤənt/|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 | {{a|isda|{{image|Calculation Agent|png|Secret Co-Calculation Agent [[Georgie Esterman]], in a still from Otto {{buchstein}}’s under-appreciated 1952 [[Opco Boone]] noir'' The [[Co-calculation agent|Co-Calculation Agent]] Who Loved Me''}}}}{{d|Calculation Agent|/ˌkælkjʊˈleɪʃən ˈeɪʤənt/|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 endlessly 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. | Do “calculation” and “determination” differ? Not as far as this correspondent can see. You tend to say, perversely, that a Calculation Agent ''determines'' things, and a Determination Agent ''calculates'' things, but largely because elegant prose has a horror of repetition. But will that stop [[legal eagle|over-enthusiastic members of the bar]] waxing lengthily about how they ''do'' differ? it will not.<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=== | ===In the ISDA=== | ||
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How strongly each feels about this will depend on the sort of products they’re expecting to trade: [[FX]] and simple [[equity derivative|equity derivatives]] have a deep, liquid, observable markets, and as there’s little scope for picking a fight, a [[dealer]] {{isdaprov|Calculation Agent}} may not be bothered about ceding rights to dispute its calculations. Expect a different reaction should you seek to second-guess your [[dealer]]’s marks on exotic [[credit derivative|credit derivatives]], on the other hand. These rely enormously on the dealer’s internal models, pricing curves and other kinds of idiosyncratic financial [[bullshit|alchemy]] that are almost certainly unique to the [[dealer]] in question. | How strongly each feels about this will depend on the sort of products they’re expecting to trade: [[FX]] and simple [[equity derivative|equity derivatives]] have a deep, liquid, observable markets, and as there’s little scope for picking a fight, a [[dealer]] {{isdaprov|Calculation Agent}} may not be bothered about ceding rights to dispute its calculations. Expect a different reaction should you seek to second-guess your [[dealer]]’s marks on exotic [[credit derivative|credit derivatives]], on the other hand. These rely enormously on the dealer’s internal models, pricing curves and other kinds of idiosyncratic financial [[bullshit|alchemy]] that are almost certainly unique to the [[dealer]] in question. | ||
===[[Co-calculation agent]]=== | |||
{{cocalculationagent}} | {{cocalculationagent}} | ||
===Other ISDA booklets=== | |||
The term is defined separately in each definition booklet: | The term is defined separately in each definition booklet: | ||
*In the {{eqdefs}} at Section {{eqderivprov|1.40}}; | *In the {{eqdefs}} at Section {{eqderivprov|1.40}}; | ||
*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}} | {{sa}} | ||
*{{eqdefsprov|determining Party}} | *{{eqdefsprov|determining Party}} | ||