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Here is the JC’s latest [[Anatomy]]{{tm}}: [[ISDA]]’s emissions annex, which comes in at least two flavours: the original [[EU Emissions Anatomy]], and the new, copycat, we absolutely-are-not-going-through-separation-anxiety, [[UK Emissions Anatomy]]. These documents are special in that they are the creature of that permanently marginalised {{icds}} splinter group, the {{carbonsquad}}. These quasi-fundamentalist drafting weirdos, with all their neo-{{isda92prov|First Method}}, {{tiwu}} nonsense, don’t often get a look in, but ISDA’s overlords seem to have swtiched off the dash-cams and looked the other way on this occasion, and these bad-boys of carbond have not wasted the opportunity. | Here is the JC’s latest [[Anatomy]]{{tm}}: [[ISDA]]’s emissions annex, which comes in at least two flavours: the original [[EU Emissions Anatomy]], and the new, copycat, we absolutely-are-not-going-through-separation-anxiety, [[UK Emissions Anatomy]]. These documents are special in that they are the creature of that permanently marginalised {{icds}} splinter group, the {{carbonsquad}}. These quasi-fundamentalist drafting weirdos, with all their neo-{{isda92prov|First Method}}, {{tiwu}} nonsense, don’t often get a look in, but ISDA’s overlords seem to have swtiched off the dash-cams and looked the other way on this occasion, and these bad-boys of carbond have not wasted the opportunity. | ||
For practitioners, this is heady stuff: working out which tracts of the annex are dangerous, extremist nonsense and which are practical allocations of risk in a new and [[sui generis]] asset class | For practitioners, this is heady stuff: working out which tracts of the annex are dangerous, extremist nonsense and which are practical allocations of risk in a new and [[sui generis]] asset class is an exhilarating, seat-of-the-pants, experience. | ||
The annexes function as sort of add-ons to the {{commoddefs}}, which you access by adding a new Part with some elections to the Schedule to your {{isdama}}. This is also some cross-grading into the [[2006 ISDA Definitions]], and you may find yourself hankering wistfully for the dear old {{eqdefs}} too, if hedging disruption is something that keeps you awake at night. | |||
Now. In our humble opinion, the level of rigour, diligence and just plain old common sense, however pedantically articulated and tediously applied, we have come to expect when beholding a new weapon from the great ISDA FWMD foundries just feels ''missing in action'' for these Emissions Annexes. Oh, fear not: [[pedantry]] and [[tedium]] abound close-up: {{icds}} knows no boundaries when it comes to labouring what ought to be obvious, and they have spared no innocents here. But back off a few feet to beyond a bigger picture — matters of substance, not form — and you may feel {{carbonsquad}} has taken some positions which strike us as being ''eccentric'', were we to put it kindly, and ''utterly barking mad'' were we to be speaking candidly among friends. | Now. In our humble opinion, the level of rigour, diligence and just plain old common sense, however pedantically articulated and tediously applied, we have come to expect when beholding a new weapon from the great ISDA FWMD foundries just feels ''missing in action'' for these Emissions Annexes. Oh, fear not: [[pedantry]] and [[tedium]] abound close-up: {{icds}} knows no boundaries when it comes to labouring what ought to be obvious, and they have spared no innocents here. But back off a few feet to beyond a bigger picture — matters of substance, not form — and you may feel {{carbonsquad}} has taken some positions which strike us as being ''eccentric'', were we to put it kindly, and ''utterly barking mad'' were we to be speaking candidly among friends. | ||
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But we don’t think so: those experts to whom we have spoken are all abut shoulder-shruggy about this document, and sort of mumble that we're struck with it, since a couple of key market participants are now quite attached to it. | But we don’t think so: those experts to whom we have spoken are all abut shoulder-shruggy about this document, and sort of mumble that we're struck with it, since a couple of key market participants are now quite attached to it. | ||
It seems the market has taking to amending and adapting the terms of the Annex wholesale, rather than treating it as an inviolable canon, as is usually the ISDA way. So what you are faced with might not much resemble what you find here. But we offer it for what it is worth anyway. | |||