Transaction - 1992 ISDA Provision
1992 ISDA Master Agreement
Section preamble in a Nutshell™
Full text of Section preamble
Related agreements and comparisons
Content and comparisons
Little material difference between the 1992 ISDA and the 2002 ISDA here. ISDA’s crack drafting squad™ being, by 2002, a more world-weary, battle-hardened combat unit than it was in 1992, was more alive in the 2002 ISDA to the idea that one might confirm Transactions other than via a full-blown Confirmation: those with master confirmation agreements and who match commoditised swap transactions through online trade matching systems may appreciate this acknowledgement, but it still falls in the circular “goes without saying” filing cabinet in this commentator’s opinion.
The preamble, which talks in somewhat laboured terms about the architecture of the ISDA contract, is the only place in the ISDA Master Agreement where the concept of the “Transaction” — being the actual swaps you put on under one of these confounded agreements — is defined.