Template:M summ 2018 CSD 1(a)

I don’t know about you, but to me, this has the hallmarks of a group of legal ninjas who are procrastinating before getting on with a job they really don’t want to have to do.

You can almost see ISDA’s crack drafting squad™ rearranging the photos of the mother-in-law on the mantelpiece, dusting the lavatory cistern and organising the spice rack in the pantry, all the while knowing that eventually, inevitably — tomorrow, maybe, just as soon as someone has swept out the garden shed and polished the cutlery — they will have to get on with the tedious business of writing a special credit support document for regulatory margin.

There is real pathos here, though it elides gradually into bathos by the time we’re contemplating inconsistency fallbacks between inconsistency fallbacks. Beware, a rent in the space-tedium continuum that way lies.