Template:M intro isda Party A and Party B: Difference between revisions

The unpresumptuous way it labels the parties to a Transaction sets the ISDA apart from its fellow [[finance contract]]<nowiki/>s. They give it a sort of otherworldly aloofness; a sense of utopian equality; social justice almost. Other finance contracts are more visceral. They label their participants to make it clear who, in the [[power structure]], is who: a loan has a “[[Lender]]” — the bank; always the master — and “[[Borrower]]” — the punter; always the servant. A brokerage agreement has a “[[Broker]]” (master) and “[[Customer]]” (servant). Okay, I know ''theoretically'' it is meant to be the other way around; the customer is meant to be king and everything; but when it comes to finance it isn’t, is it? We are all hooked up to the great battery grid, for the pleasure of our banking overlords and the [[The domestication of law|pan-dimensional mice]] that control them.  

{{smallcaps|A belief in}} even-handedness gripped the ones whose [[deep magic]] forged the runes of that ancient [[First Swap]]. Traditional finance contracts imply a relationship of dominance and subservience: a large, institutional “have” indulging a small commercial “have-not” with debt finance, for which privilege it extracts excruciating [[covenant]]<nowiki/>s, gives not a jot in return, and enjoys a preferred place in the queue among the [[customer]]’s many scrapping creditors.