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Template:Isda Preamble summ: Difference between revisions
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The {{isdama}} is the basic framework that applies to anyone who touches down on planet [[ISDA]]. The preamble tells us about its tri-partite form: the '''Pre-printed Master''', a '''{{{{{1}}}|Schedule}}''' of elections and amendments, '''{{{{{1}}}|Confirmation}}s''' setting out the terms of '''{{{{{1}}}|Transaction}}s''' and — well, ''this'' is controversial: for is it, or is it not, part of the {{isdama}} proper? — a '''[[Credit Support Annex]]'''. | The {{isdama}} is the basic framework that applies to anyone who touches down on planet [[ISDA]]. The preamble tells us about its tri-partite form: the '''Pre-printed Master''', a '''{{{{{1}}}|Schedule}}''' of elections and amendments, '''{{{{{1}}}|Confirmation}}s''' setting out the terms of '''{{{{{1}}}|Transaction}}s''' and — well, ''this'' is controversial: for is it, or is it not, part of the {{isdama}} proper? — a '''[[Credit Support Annex]]'''. | ||
==== | ====ISDAs, Ancient and Modern==== | ||
{{drop|T|here are two}} versions still conceivably in use — the {{2002ma}} and the {{1992ma}}, which we call the “[[Modern ISDAs]]”; two more or less fully retired versions, the {{1987ma}} and the {{1985ma}} which we call the “[[Ancient ISDAs]]”, and one, the {{2008ma}}, that died during the act of conception and never made it to the market but exists as an apocryphal testament to the enduring, wishful optimism of derivatives lawyers the world over.<ref>No, there is no such thing as a {{2008ma}}.</ref> We call the “[[The Atlantis Variation|Atlantis Variation]]”. | |||
====={{2002ma}}===== | ====={{2002ma}}===== | ||
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Perhaps had the {{2002ma}} been ''more'' radical it might have stood a greater chance quick of adoption. On the other hand, the further the fruit falls from the tree, the greater the chance of outright failure. Just ask “[[Flight 19]]”, the poor, doomed Linklaters team who drafted the [[2011 ISDA Equity Derivatives Definitions|2011 Equity Derivatives Definitions]]. | Perhaps had the {{2002ma}} been ''more'' radical it might have stood a greater chance quick of adoption. On the other hand, the further the fruit falls from the tree, the greater the chance of outright failure. Just ask “[[Flight 19]]”, the poor, doomed Linklaters team who drafted the [[2011 ISDA Equity Derivatives Definitions|2011 Equity Derivatives Definitions]]. | ||
====={{1987ma}}===== | ====={{1987ma}}===== | ||
The [[1987 ISDA Interest Rate and Currency Exchange Agreement]] — it wasn’t, by name, a comprehensive “master agreement” — is all but a dead letter now. But, we sense, not ''quite''. | The [[1987 ISDA Interest Rate and Currency Exchange Agreement]] — it wasn’t, by name, a comprehensive “master agreement” — is all but a dead letter now. But, we sense, not ''quite''. | ||
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These days interesting only for its place in the fossil record — and a witty acrostic that points to a playfulness among the [[First Men]] that has long since vanished, the {{1985ma}} was out of use well before the millennium. The JC only found out about it when visiting a retired ninja in a care home in 2015, and at first assumed it was some sort of urban myth or in-joke. But apparently not. | These days interesting only for its place in the fossil record — and a witty acrostic that points to a playfulness among the [[First Men]] that has long since vanished, the {{1985ma}} was out of use well before the millennium. The JC only found out about it when visiting a retired ninja in a care home in 2015, and at first assumed it was some sort of urban myth or in-joke. But apparently not. | ||
====={{2008ma}}===== | ====={{2008ma}} — “Atlantis”===== | ||
The [[2008 ISDA Decentralised Automomous Agreement]] — a “this-fixes-everything, [[Blockchain|on-chain]], [[Smart contract|smart]], [[artificially intelligent]]” was introduced during, and tragically destroyed by, the [[Global Financial Crisis]]. | The [[2008 ISDA Decentralised Automomous Agreement]] — a “this-fixes-everything, [[Blockchain|on-chain]], [[Smart contract|smart]], [[artificially intelligent]]” was introduced during, and tragically destroyed by, the [[Global Financial Crisis]]. | ||