|The Devil’s Advocate™|
The form letter reply
We accept your agreement as far as it does not contradicts the below: (This example confidentiality:
- This is a simple agreement to keep the information you give us confidential. We do not accept any obligations it purports to impose that are not directly required to keep your information confidential.
- Liability under this agreement will be assessed under ordinary principles of English contract law. No limitations of liability within that, no extensions of liability beyond it. No indemnities, no concurrent liability in tort or anything like that.
- We can disclose to confidential information to those who we reasonably consider need it to carry out the purpose, and who are subject to an equivalent duty of confidentiality. We will be responsible for their actions as if they were our own.
- We can disclose your information when required by regulation and at the reasonable request of regulators and market infrastructure, and will not be obliged to notify you or obtain your consent.
The one-trigger ISDA
An ISDA master agreement in a standard format, published to the web, with a zero threshold VM CSA, accession to all relevant protocols, and no ATEs. One additional provision: A right to call initial margin on any day. You can sign it today. We are happy to negotiate a full-blown ISDA in due course.
Have ISDA publish standard credit-free ISDA schedules? The cost of acceding to them may exceed the cost of negotiating bespoke ones.
The NLP plain English trainer
Set up a "google translate" type dialogue box to train people to put simplified constructions in.