Template:M summ 2002 ISDA 2(c): Difference between revisions

Template:M summ 2002 ISDA 2(c) (view source)

938 bytes removed , 24 December 2023

no edit summary

82,891

edits

@@ Line 1: / Line 1: @@
-===I mean, what is the point?===
+{{isda 2(c) summ|isdaprov}}
-Our [[Jolly contrarian|chief contrarian]] wonders what on earth the point of this section is, since [[settlement netting]] is a factual operational process for performing existing legal obligations, rather than any kind of variation of the parties’ rights and obligations. If you owe me ten pounds and I owe you ten pounds, and we agree to both keep our tenners, what cause of action arises? What loss is there? We have settled our existing obligations in different way.
-To be sure, if I pay you your tenner and you ''don’t'' pay me mine, that’s a different story — but then there is no [[settlement netting]] at all. The only time one would wish to enforce [[settlement netting]] it must, ipso facto, have actually happened, so what do you think you’re going to court to enforce?
-So, friends, this rather convoluted passage in that mighty industry standard is, as G. K. Chesterton once said - merely [[piss and wind]].