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Generally, those {{tag|derivative}} contracts entered into under an {{isdama}}. Two rookie mistakes to avoid: | {{a|glossary|{{Layman|Swap}}}}Generally, those {{tag|derivative}} contracts entered into under an {{isdama}}. Two rookie mistakes to avoid: | ||
*Firstly, it’s pronounced “'''sw-ŏp'''” (to rhyme with chop), but | *Firstly, it’s pronounced “'''[[sw-ŏp]]'''” (to rhyme with chop), but it’s spelled “swap”. Any fan of 1970s children's television will know this. It is not, however, true that {{tag|Noel Edmonds}} was a pioneering derivative salesman, but that would make a great play. On no account should you say “'''[[sw-æp]]'''” (to rhyme with “crap”), unless you want derivatives insiders to dine out on your misfortune for many years. I still tell people about an unfortunate partner of Stephenson Harwood who made this mistake in 1997. | ||
*Secondly, when articulating the word {{ISDA}} you say | *Secondly, when articulating the word {{ISDA}} you say “'''[[izder]]'''”, not “'''[[eye-ess-dee-aye]]'''”. This was a closely guarded industry in-joke, designed to reveal ingénues, but sadly the spoil-sport makers of ''The Big Short''<ref>{{google3|The|Big|Short}}.</ref> have rumbled it. | ||
===History=== | |||
Where did they come from? What were their architects thinking? For this and more, see [[Swap history]]. | |||
===Present day=== | |||
What? You want actual ''information'' about swaps? Go, then, to the {{tag|ISDA Anatomy}} | |||
{{sa}} | |||
*[[Financial weapons of mass destruction]] | |||
*[[ISDA Anatomy]] | |||
{{ref}} | |||