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Template:Isda Preamble summ: Difference between revisions
→{{2008ma}} — “Atlantis”
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The [[2008 ISDA Decentralised Autonomous Organisation-as-an-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 Autonomous Organisation-as-an-Agreement]] — a “this-fixes-everything, [[Blockchain|on-chain]], [[Smart contract|smart]], [[artificially intelligent]]” was introduced during, and tragically destroyed by, the [[Global Financial Crisis]]. | ||
Oh, all right there ''isn’t'' a {{2008ma}}. Never was. This one ''is'' a running [[JC]] in-joke. Talking to yourself might not be the first sign of madness, but having ''in-jokes'' with yourself might be. | Oh, all right there ''isn’t'' a {{2008ma}}. Never was. This one ''is'' a running [[JC]] in-joke. Talking to yourself might not be the first sign of madness, but having ''in-jokes'' with yourself might be. From the blurb to [[Hunter Barkley]]’s 2026 novel [[The Atlantis Variation|''The Atlantis Variation'']]: <blockquote>… the [[2008 ISDA Master Agreement|2008 ISDA]] would be a definitive, final, [[Flawed asset|flawless]] self-aware edition of the [[ISDA Master Agreement]]. Short, plainly worded, future-proofed and agile, it would allow counterparties to agree robust trading terms with little fuss and only the cursory clerical management delivered through unskilled personnel in low-cost jurisdictions and, eventually, [[Chatbot|chatbots]]. | ||
It promised to be the long-lost missing [[Obsolescence|use-case]] for [[distributed ledger technology]], natively negotiated “[[Blockchain|on-chain]]” between arrays of dematerialised [[Large language model|large language models]] housed, for the sense of theatre, [[Proverbial school-leaver from Bucharest|in a single giant data centre in the outskirts of Bucharest]]. | |||
Had it been implemented, the Atlantis would have addressed the financial, infrastructural and regulatory challenges which would dog the financial derivatives market in the early 21st century, eventually bringing to the brink of an abyss the rolling countryside of [[Aïessdiyé|''Aïessdiyé'']], a verdant wetlands in whose folded hills, nooks and crannies peaceable, hobbity little [[First Men|swapsfolk]] had for generations made their comfortable burrows. | |||
While they romped wealthily about their sun-drenched meadows, the ’08 would silently, effectively consolidate all documentation across a wide range of products and asset classes ([[Including but not limited to|including, but not limited to]], [[repo]], [[stock lending]], [[prime brokerage]], [[exchange traded derivatives]], [[commodities]] and [[emissions]]), finally moving the financial world into a stable [[Utopia|utopian state]] in which all risks are known, all eventualities experienced and contingencies accounted for. ''[[Risk]]'' would finally be banished for ever. | |||
That was the theory: the reality was infinitely darker.</blockquote> | |||
====Schedule==== | ====Schedule==== | ||
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A quick word on etiquette: one would ''never'' inline amend an ISDA Master Agreement — mostly they pass around the market in .pdf form, so you couldn’t anyway, but even if you could it would be unspeakably bad form to try — if you do want to make amendments to the legal or economic terms you put them in the Schedule. There are prudent [[legal design]] reasons for this, though over the years the amount of freestyle “Part 5” amendment has grown to the point where the Schedule is often longer than the Master Agreement proper. Much of this is quite unnecessary and, for lovers of clarity and documentary elegance, a cause for great regret. | A quick word on etiquette: one would ''never'' inline amend an ISDA Master Agreement — mostly they pass around the market in .pdf form, so you couldn’t anyway, but even if you could it would be unspeakably bad form to try — if you do want to make amendments to the legal or economic terms you put them in the Schedule. There are prudent [[legal design]] reasons for this, though over the years the amount of freestyle “Part 5” amendment has grown to the point where the Schedule is often longer than the Master Agreement proper. Much of this is quite unnecessary and, for lovers of clarity and documentary elegance, a cause for great regret. | ||
====Transactions==== | ====Transactions ==== | ||
Because the range of things you could conceivably write a swap about is unlimited, and having only ten fingers and toes, [[Jolly Contrarian|JC]] will have less to say about “Transactions” generally — except for [[Equity Derivatives]], because they tend to be generic, [[delta-one]] and they are popular in the [[equity prime brokerage]] world, which is JC’s old stamping ground. | Because the range of things you could conceivably write a swap about is unlimited, and having only ten fingers and toes, [[Jolly Contrarian|JC]] will have less to say about “Transactions” generally — except for [[Equity Derivatives]], because they tend to be generic, [[delta-one]] and they are popular in the [[equity prime brokerage]] world, which is JC’s old stamping ground. | ||