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Now back in the day counterpartiers exchasnged long-form conformations starting out Dear Ladies and Gentlemen, and cleaved to a long and tedious form, but in {{eqderiv}} world it quickly became apparent this was quite the waste of trees: equity derivatives tend to be vanilla, delta-one and traded in high volumes. | [[Confirmation - Equity Derivatives Provision|Now]] back in the day counterpartiers exchasnged long-form conformations starting out Dear Ladies and Gentlemen, and cleaved to a long and tedious form, but in {{eqderiv}} world it quickly became apparent this was quite the waste of trees: equity derivatives tend to be vanilla, delta-one and traded in high volumes. | ||
Thus ISDA-sponsored [[master confirmation]]s quickly emerged, allowing parties to agree general terms up front, so the process of confirming was nothing more than a spreadsheet or xml file exchanged at the end of each day. | Thus ISDA-sponsored [[master confirmation]]s quickly emerged, allowing parties to agree general terms up front, so the process of confirming was nothing more than a spreadsheet or xml file exchanged at the end of each day. | ||
In the prime brokerage space, the parties developed their own synthetic equity swap master conformations — somewhat more bespoke than the ISDA MCs, with a further level of standardisations of currencies and tenors, designed to replicate cash equity trading as nearly as possible. | In the [[prime brokerage]] space, the parties developed their own [[synthetic equity swap]] master conformations — somewhat more bespoke than the ISDA MCs, with a further level of standardisations of currencies and tenors, designed to replicate [[cash equity]] trading as nearly as possible. | ||
All of these things count as {{eqderivprov|Confirmation}}s. No doubt some bright spark will try to do something one day on a [[blockchain]]. | All of these things count as {{eqderivprov|Confirmation}}s. No doubt some bright spark will try to do something one day on a [[blockchain]]. |