...nex Provision|here]] — and of course the {{isdama}} — [[Transaction - ISDA Provision|here]]. Which is nice.
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{{fullanat|isda|repurchase transaction|netting}}
...be effected under an {{isdama}} and would qualify as a legitimate netting transaction, even though, of course one normally effects repo transactions under a {{gm
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#redirect[[Default Under Specified Transaction - 1992 ISDA Provision]]{{isda 92 toc}}
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#REDIRECT [[Default Under Specified Transaction - ISDA Provision]]{{isda toc}}
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#redirect[[Transaction - ISDA Provision]]
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#REDIRECT [[Transaction - ISDA Provision]]
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#REDIRECT [[Specified Transaction - ISDA Provision]]
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#redirect[[Specified Transaction - ISDA Provision]]
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[[Default under Specified Transaction - ISDA Provision|DUST]]
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#REDIRECT [[Default Under Specified Transaction - ISDA Provision]]
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#REDIRECT [[Default Under Specified Transaction - ISDA Provision]]
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#REDIRECT [[Default Under Specified Transaction - ISDA Provision]]
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#redirect[[Transaction - 1992 ISDA Provision]]
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[[1(a) - ISDA Provision|(a)]]
[[1(b) - ISDA Provision|(b)]]
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[[Schedule Part 1(a) - ISDA Provision|(a)]] {{isdaprov|Specified Entity}} <br />
[[Schedule Part 1(b) - ISDA Provision|(b)]] {{isdaprov|Specified Transaction}} <br />
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#redirect[[Default Under Specified Transaction - 1992 ISDA Provision]]
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#redirect[[Default Under Specified Transaction - 1992 ISDA Provision]]
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#redirect[[Affected Transaction - 1992 ISDA Provision]]
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[[1(a) - 1992 ISDA Provision|(a)]]
[[1(b) - 1992 ISDA Provision|(b)]]
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==={{isdaprov|Transaction}} flows and [[collateral]] flows===
...sdama}}, [[all other things being equal]], the termination of a {{isdaprov|Transaction}} will lead to two equal and opposite effects:
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[[Schedule Part 1(b) - ISDA Provision|(b)]] “'''{{isdaprov|Specified Transaction}}'''” [will have the meaning specified in Section {{isdaprov|14}} of this
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<center><big><big><big><big><big><big>'''ISDA'''</big></big></big></big></big></big></center>
<center><Big><Big><Big><Big><Big>[[Preamble - 1992 ISDA Provision|MASTER AGREEMENT]]</Big></Big></Big></Big></Big></center><br>
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...ansaction - ISDA Provision|Used]] in the {{{{{1}}}|Default under Specified Transaction}} {{{{{1}}}|Event of Default}} under Section {{{{{1}}}|5(a)(v)}} — fondly
...|Event of Default}}, became one purely as a result of the {{{{{1}}}|DUST}} provision, however unlikely that may be.
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...]] interpretation, that a default under the [[CSA]] to a swap {{isda92prov|Transaction}} is meant to be covered.
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...n it comes to how one calculates the {{isdaprov|Close-out Amount}} for the Transaction in question.
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...it comes to how one calculates the {{isda92prov|Close-out Amount}} for the Transaction in question.
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{{ISDA clausehead|2(a)|}}<br>
...ov|2(a)(i)}} Each party must perform its obligations under each {{isdaprov|Transaction}} {{isdaprov|Confirmation}}. <br>
544 bytes (81 words) - 10:57, 7 February 2022
...ferenced as Exhibit A to the Definitions and will be made available on the ISDA website.<br>
...ctions of the Definitions provide fallback provisions that will apply to a transaction if the parties do not specify otherwise in the Confirmation.<br>
4 KB (613 words) - 16:18, 20 April 2023
[[Unpaid Amount - ISDA Provision|If]] you think of an ISDA {{isdaprov|Transaction}} as comprising offsetting payment streams, these payments fall into one of
...ransaction}}” — this is what we call its “[[Replacement Transaction - ISDA Provision|replacement cost]]”.
1 KB (210 words) - 11:06, 23 June 2023
...compelling reason, in fairness. But it at least suggests someone on the [[ISDA]] drafting commitee was thinking about it, even if not especially insightfu
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...n rep that one is ''capable'' of understanding the merits and risks of the transaction. Neat, tidy, and job done...
...e of determiningwhether you are capable of understanding the merits of the transaction?
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<center><big><big><big>[[Preamble - ISDA Provision|2002 ISDA Master Agreement]]</big></big></big></center><br>
will be entering into “'''{{isdaprov|Transaction}}s'''” governed by this [[2002 Master Agreement]] and its “'''{{isdapro
548 bytes (72 words) - 17:35, 12 January 2020
...regulated, and gave up on [[swap]]s, letting the last remaining {{isdaprov|transaction}}s to roll off and scamper, free, into the fragrant meadows of oblivion.
...es and so on — a discarded ISDA arrangement will just ''lie there'', locked-in, mute, transfixed, plastered to the infinite like some ghostly apparition
3 KB (472 words) - 16:15, 28 November 2019
...largely there to keep the respective tax departments happy. Each books the transaction depending on certain tax representations from the other; if the other then
446 bytes (73 words) - 13:57, 22 June 2023
...ermination Event}}s that are ''non''-catastrophic, and usually ''{{{{{1}}}|Transaction}}''-specific, and those that ''are'' catastrophic, which are usually ''coun
Non-catastrophic ones affecting just a subset of {{{{{1}}}|Transaction}}s might be caused by, say, a {{{{{1}}}|Tax Event}} or a local {{{{{1}}}|Il
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:(a) '''For [[2(a)(i) - ISDA Provision|performing one’s general obligations]]''': where specified in the {{isdap
...: In the relevant locations for performance under the {{isdaprov|Specified Transaction}}. <br>
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...eing a private transaction creating inherently volatile exposures, has hair-trigger termination rights that you would not expect in a long term senior d
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...e {{isdama}} provision specifically see {{isdaprov|Default Under Specified Transaction}}''<br>
A [[default under specified transaction]], or “[[DUST]]”, is a concept native to the {{isdama}} but which you m
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:[[4(a)(4) - VM CSA Provision|(4)]] if they fail to resolve the dispute by the {{vmcsaprov|Resolution Tim
...part of the {{vmcsaprov|Exposure}} attributable to the {{vmcsaprov|Covered Transaction}}s that the parties have agreed are not in dispute;
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...ransaction}} will, at the election of either party, become a {{eqderivprov|Transaction}} to which {{eqderivprov|Cash Settlement}} is applicable, except that if a
...e of a {{eqderivprov|Forward Transaction}} or an {{eqderivprov|Equity Swap Transaction}}, an amount calculated in accordance with Section {{eqderivprov|12.7(c)}}
2 KB (257 words) - 11:13, 13 October 2023
...nd she gives you, so you can make payments under your [[Transaction - ISDA Provision|transactions]]. Often memorialized in a [[master trading agreement]] but ju
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[[Other CSA - VM CSA Provision|See]] also Paragraph {{csaprov|1(b)}}, which expounds itself thus:
:''{{ISDA English Law Credit Support Annex 2016 1(b)}}''
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...'' — “[[First Method - ISDA Provision|First]]” and “[[Second Method - ISDA Provision|Second]]” Methods. There is a “{{isda92prov|Settlement Amount}}” conc
{{eta vs close-out amount|{{{1}}}}}
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...oceed directly to Section {{{{{1}}}|6(e)}} to determine the {{{{{1}}}|Close-out Amount}} (if you are under a {{2002ma}}, or “tiresomely unlabelled amo
...dit Support Document}} — at the very point you call upon it, the {{{{{1}}}|Transaction}} will vanish.
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...t economically being totally distinct, relating as they do to discrete ring-fenced “Series” issued by the [[SPV]] and you absolutely do ''not'' want
...heaven forbid [[Netting - ISDA Provision|netted]], just because some other Transaction, relating to another series, has gone [[Tetas arriba|''arriba'']].
2 KB (357 words) - 14:26, 23 December 2023
...ere and to whom, for {{{{{1}}}|Option Transaction}}s and {{{{{1}}}|Forward Transaction}}s.
...key concepts in {{euaprov|Option Transaction}}s ''and'' {{euaprov|Forward Transaction}}s.
2 KB (384 words) - 13:26, 10 November 2023
...ricans now seem to acknowledge, ''improves'' the process of closing out an ISDA.
(Want to see how awful the 1992 is? Go [[6(e)(i) - 1992 ISDA Provision|''here'']]).
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...ditional Termination Events}}, which may be counterparty or even {{{{{1}}}|Transaction}}-specific.
...improbable<ref>“The chances of anything coming from Mars were a million-to-one,” he said. Yet, still they came.</ref> like an alien invasion.
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=== Non-Reliance ===
[[Non-Reliance - ISDA Provision|Also]], for good order, in not so many words and for no compelling reason,
3 KB (478 words) - 08:50, 20 May 2023
...alberne kerle zu spielen]]'' with the [[flawed asset]] provisions in your ISDA — though, newsflash: it ''won’t'', as long as its risk team retains pos
...e is a lengthy disquisition about it in the [[pjc:Section 2(a)(iii) - ISDA Provision#The prepaid puts and calls conundrum|premium]] section of our article on Se
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...rov|Allowance Strike Price}}, in the case of an {{euaprov|Allowance Option Transaction}}, as the case may be” you might think Allowance Price might have been a
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...he waste of trees: {{eqderivprov|Transaction}}s tend to be vanilla, [[delta-one]] and traded in high volumes.
...” quickly emerged — sort of intermediate steps between a [[Schedule - ISDA Provision|Schedule]] and a trade {{isdaprov|Confirmation}} allowing parties to agree
1 KB (197 words) - 02:18, 15 August 2023
...ctical, economic difference between being closed out on the same {{{{{1}}}|Transaction}} for an {{{{{1}}}|Event of Default}} and a {{{{{1}}}|Termination Event}}?
...of intuit, in a sort of semi-conscious, buried-somewhere-deep-in-the-brain-stem kind of way, but they may mutter darkly and try to change the subject i
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{{small|180}}[[Preamble - 1992 ISDA Provision|MASTER AGREEMENT]]</div><br>
...anticipate entering into one or more transactions (each a “'''{{isda92prov|Transaction}}'''”) that are or will be governed by this {{isda92prov|Master Agreement
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}}Now the timings of the various payments under the ISDA architecture lead to one rather odd effect:
..., and then the [[in-the-money]] party decides to realise the value of that Transaction (or — I dunno — the swap just gets to its scheduled termination date, t
2 KB (421 words) - 23:44, 17 September 2022
[[9.3 - Pledge GMSLA Provision|Note]] the clear exclusion of indirect and [[consequential loss]]es, as wel
...al'' [[close out]] on an {{gmslaprov|Event of Default}} (a {{pgmslaprov|Buy-in}} ''isn’t'' an {{pgmslaprov|Event of Default}}), and only on profession
1 KB (229 words) - 10:19, 6 January 2022
...Equity Derivatives Provision|Equity Swaps]] as if they were undated [[delta-one]] exposures — which, unless the [[Tax attorney|Master in Charge of Tax
===The {{eqderivprov|Calculation Period}} that didn’t bark in the night-time===
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...y discussion of this [[pjc:Events of Default and Termination Events - ISDA Provision|here]] for our premium readers.
...rs’ drink. Because it might not technically be — but it ''is''. </ref> The ISDA is — unique? Pioneering? Overcomplicated? — in having two types of even
3 KB (430 words) - 21:49, 25 December 2023
[[2.4 - Equity Derivatives Provision|You]] will forgive us for not getting too excited about the {{eqderivprov|P
...alberne kerle zu spielen]]'' with the [[flawed asset]] provisions in your ISDA — newsflash: it ''won’t'', as long as its risk team retains possession
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{{2002 ISDA Equity Derivatives Definitions Section 6 TOC}}
...ht come — especially if the [[Market Disruption Event - Equity Derivatives Provision|Market Disruption]] is prolonged — but as long as you are in the {{eqderi
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...te impenetrable) thinking from {{icds}} here, in the name of seeking a long-stop to a {{euaprov|Settlement Disruption Event}}. Since there is this {{eua
...the Settlement Disruption Event is ongoing, and Q.E.D. they can’t — or the transaction is basically voided ab initio and both parties walk away, refunding any [[p
2 KB (236 words) - 15:44, 15 April 2024
{{small|180}}<center>[[Preamble - ISDA Provision|2002 MASTER AGREEMENT]]</div><br>
...] anticipate entering into one or more transactions (each a “'''{{isdaprov|Transaction}}'''”) that are or will be governed by this [[2002 Master Agreement]], wh
1 KB (135 words) - 18:47, 24 January 2024
...ivprov|Dividend Amount}}<ref>This is a JC bastardisation of typically grim ISDA textical contortion, needless to say.</ref>:
...e has passed. If the {{eqderivprov|Issuer}} subsequently corrects the under-payment, the {{isdaprov|Calculation Agent}} may make a further adjustment.''
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Those of ISDA credit support arrangements that are standalone {{isdaprov|Credit Support D
...and IM posters, as your CSA grace periods do not automatically track your ISDA ones. Two {{{{{1}}}|Local Business Day}}s is an {{isdaprov|LBD}} ''longer''
4 KB (620 words) - 19:45, 13 May 2024
...contains the basic nuts and bolts of your obligations under the {{{{{1}}}|Transaction}}s you execute. Pay or deliver ''what'' you’ve promised to pay or deliver
...st have notified any change of account details) and then, later, in the tax-related {{{{{1}}}|Termination Events}} ({{{{{1}}}|Tax Event}} and {{{{{1}}}|
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...epresentor [[deem]] them repeated on the commencement of any new {{{{{1}}}|Transaction}}, the anniversary of the {{isdama}} or whenever, in a moment of weakness,
...made (or [[deemed]] repeated) (except a [[Payer Tax Representation - ISDA Provision|Payer]] or {{{{{1}}}|Payee Tax Representation}}, but including any {{{{{1}}
2 KB (341 words) - 11:49, 24 December 2023
...conditions precedent]] dealt with in Section {{isdaprov|2(a)(iii)}} of the ISDA?
...ur [[Credit Support Annex]] counts as a {{isdaprov|Transaction}} under the ISDA, which the ''[[title transfer]]'' CSAs do (eg, the English law {{1995csa}}
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...qderivprov|Scheduled Trading Day}} on an Exchange is a “{{eqderivprov|Knock-in/out Determination Day}}.
...ds, no harm done - your “knock” has already happened and the {{eqderivprov|Transaction}} can carry serenely on with whatever it was doing).
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[[Non-Reliance - ISDA Provision|Also]], for good order, in not so many words and for no compelling reason,
...erthought — though it is hard to udnerstand if so why it made it to the pre-printed schedule.
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...}}}|Transaction}} — might apply to deferred and delayed payments under the ISDA.
''Payment default'': Someone fails to pay money under a Transaction when they are meant to.
2 KB (324 words) - 10:33, 5 January 2024
...ricans now seem to acknowledge, ''improves'' the process of closing out an ISDA.
...1992, so here we are. (Changed your mind? Flee to safety [[6(e)(i) - ISDA Provision|''here'']]).
4 KB (621 words) - 19:27, 24 January 2024
===Non-reliance===
...n’t put it in the {{2002ma}} itself you may stoop to wonder — so query why ISDA has thought to include this. After all, if it is in the Schedule it is redu
3 KB (427 words) - 11:33, 9 May 2023
[[Unpaid Amount - ISDA Provision|If]] you think of an ISDA {{isdaprov|Transaction}} as comprising offsetting payment streams, these payments fall into one of
...onal present value of these future cashflows, that we value “the {{{{{1}}}|Transaction}}” — this is what we call its “[[replacement cost]]”.
2 KB (342 words) - 16:45, 9 May 2024
===[[Secured Party Rights Event - IM CSD Provision|The]] alternatives===
====As-standard: a “designated Early Termination Date”====
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...f applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including wi
...omply with any other material provision of this Agreement relating to such Transaction; or
9 KB (1,462 words) - 14:52, 26 September 2022
...the transaction. Should the defaulting side cure the default scenario, the transaction resumes and the suspending party must perform all its obligations including
...orebears from terminating against a bankrupt counterparty the {{{{{1}}}|Non-defaulting Party}} doesn’t want to have to continue stoically paying good
4 KB (661 words) - 22:58, 6 May 2024
...nder the {{eqdefs}}, it was going to be worse under the (ill-fated) [[2011 ISDA Equity Derivatives Definitions]], though it seems, after nearly a decade of
...is to be taken into account and how losses/gains resulting from hedge close-outs are allocated.”
2 KB (318 words) - 14:25, 17 May 2022
...he [[tax]] payable on payments under the relevant transactions under the [[ISDA]]. Where both parties are multibranch parties and have numerous overseas br
...ence of an exemption from withholding, it may argue that we have to [[gross-up]] the payment because we did not disclose that we would make payments fro
4 KB (635 words) - 17:54, 15 April 2020
:[[Tax Event - ISDA Provision|5(b)(iii)]] '''{{isdaprov|Tax Event}}'''. Due to
...ority, or brought in a court of competent jurisdiction, after a {{isdaprov|Transaction}} is entered into (regardless of whether such action is taken or brought wi
1 KB (186 words) - 12:29, 14 November 2017
...can be exercised in an interim fashion (namely, Bermuda-style and American-style Options) can be exercised. If the Confirmation specifies exercise {{is
..., if less than the {{isdadefsprov|Minimum Notional Amount}} is left of the transaction at any time, you can exercise that whole amount on any {{isdadefsprov|Exerc
1 KB (184 words) - 12:10, 13 November 2023
:{{isdabridgeprov|1(c)}} For purposes of this provision, a {{isdaprov|Bridging Event}} will occur:<br>
...ions. Note that, if this second alternative is selected, the {{isdaprov|Non-defaulting Party}} will not be able to rely on the bridging provisions where
5 KB (743 words) - 15:02, 18 April 2018
...ions section of the {{2002ma}}, but part of that is that it helpfully cross-references terms that are defined in the body of the Agreement, whereas the
{{isda92prov|Reference Market-makers}}<br>
2 KB (205 words) - 12:08, 30 May 2023
2002 ISDA full text of Section 5(b):
...f applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including wi
12 KB (1,963 words) - 15:31, 6 April 2023
...Trading Commission]] (“'''{{tag|CFTC}}'''”) and are not deemed illegal off-exchange transactions.
...'ECP'''”) and “[[Eligible Commercial Entity]]” (“'''ECE'''”), in our {{tag|ISDA}} Schedule and other [[Master Agreements]]. The United States [[Commodity E
10 KB (1,535 words) - 10:52, 22 September 2016
...gh contracts for difference and equity swaps. You will never guess what tax-savvy offshore investors therefore tended to do.
...iding [[withholding tax]] for dividends on US [[Share - Equity Derivatives Provision|equities]] and provides that everyone gets taxed at the same rate.
2 KB (375 words) - 18:20, 4 February 2024
...p]], that engages in speculation using [[Margin lending transaction - SFTR Provision|credit]] or borrowed [[capital]].”
...[[alpha]] — even ''[[leveraged alpha]]'' — and have the [[Backtesting|back-tests]] to prove it — while doing a lot of [[vega]].
1 KB (215 words) - 10:14, 16 August 2021
[[Termination Currency - ISDA Provision|Compare]] and contrast with the {{csaprov|Base Currency}} in the {{tag|CSA}
...swap transactions by nature are likely to have different currencies — cross-currency swaps are, anyway — and if (heaven forfend) you should be closing
1 KB (215 words) - 11:07, 2 October 2023
:[[Tax Event - 1992 ISDA Provision|5(b)(ii)]] '''{{isda92prov|Tax Event}}'''.<ref>{{linebreaks}}</ref> Due to:
...rt of competent jurisdiction, on or after the date on which a {{isda92prov|Transaction}} is entered into (regardless of whether such action is taken or brought wi
1 KB (224 words) - 10:24, 25 February 2020
{{a|isda|}}
===[[Close-out]] method===
15 KB (2,148 words) - 10:55, 24 September 2020
...sed [[mark-to-market]] value, or the [[replacement cost]], of the existing transaction. You could also reach that conclusion by going through the motions:
...ecessarily ''zero'' — any other value would mean I was entering into an off-market [[swap]].<ref>Note that upfront [[PV]] of fees — especially on exot
2 KB (315 words) - 14:58, 14 December 2020
2004 ISDA NOVATION DEFINITIONS
...ction}} is subject to and governed by the provisions set forth in the 2004 ISDA {{novprov|Novation}} Definitions, including the provisions set forth in the
39 KB (5,612 words) - 18:47, 15 January 2020
==Clause-by-clause==
...[[JC]] has a proposed [[Paid Amount (Dividend Amount) - Equity Derivatives Provision|fix]].
8 KB (1,082 words) - 09:39, 17 May 2022
...e idea is to have the ISDA break before that suspension kicks in — so close-out netting works. It was introduced in the {{1987ma}}, but was not labelled
...rtain'' events under the {{{{{1}}}|Bankruptcy}} [[Events of Default - ISDA Provision|event of default]] — formal bankruptcy procedures — and not by economic
3 KB (503 words) - 16:56, 30 January 2024
...rov|Trade Date}} that, in connection with such {{cddprov|Credit Derivative Transaction}}, neither the other party nor any of the other party’s Affiliates have m
...party has or may have any obligation under the {{cddprov|Credit Derivative Transaction}}:<br>
22 KB (3,262 words) - 20:57, 24 April 2023
*{{isdaprov|Cross Default}} ({{tag|ISDA}})
...default under specified transaction]] provision. ''[[Cross Default - GMSLA Provision|Unless some bright spark thinks it is a good idea to negotiate one in]].''
10 KB (1,601 words) - 19:27, 2 April 2024
[[File:Claudis Blankie.jpg|450px|thumb|center|[[Eye-ess-dee-aye]], yesterday.]]
...essy [[human error]] that infect the otherwise flawless, crystalline, money-printing system.
5 KB (852 words) - 16:38, 5 August 2021
...sovereign]] ''at all'';<ref>[[Sovereign immunity]] does of course cover non-contractual disputes and infractions — the drunken ambassador who seeks to
...act, not a legal one and the [[JC]] cares not one whit for practical, extra-legal acts. What can one say about them, other than, “that was horrid”?<
6 KB (933 words) - 07:52, 28 June 2023
...cord|fossils]] who still insist on using it, though most of those have long-since been taken out and shot, a process now happening to disciples of the {
And it is quite the yarn: you don’t get as shot-up and crazed as an {{isdama}} without some scrapes and shootouts along the
3 KB (491 words) - 12:25, 14 January 2024
[[12.7(c) - Equity Derivatives Provision|Now]], here is a funny thing.
...ivprov|Transaction}}. This, we think, imagines some kind of collective [[co-calculation agent]] regime where the parties each have their own Man In Hava
11 KB (1,713 words) - 12:13, 21 January 2022
What is the big deal about this, then? Well, it turns your ISDA into a “flawed asset”.
...spend the performance of its obligations without terminating the {{{{{1}}}|Transaction}}. Not entitled, even — as we will see, it just happens.
13 KB (1,991 words) - 10:31, 17 May 2024