OTC Transaction Confirmation
Definition
OTC Transaction Confirmation. A formal confirmation document that codifies the terms and conditions of the transaction between the parties
Issues and Challenges
This effectively supersedes the (implied) contract that is brought into being by the transaction. It makes reference to the terms and conditions under which the transaction is deemed to have been conducted. The confirmation references the master agreement under which the transaction has been conducted along with any ISDA standard terms referenced (if applicable), and adds terms and conditions specific to the transaction. The confirmation generally supersedes all terms in the ISDA standard definitions and the master agreement in the event of any inconsistency between them.
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
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