7. Before After
“Equivalent” all or within
“Tolerances”:
P/L: unrealized is
cashed in or out
Credit exposure
Overall volume / zero
Volume by time buckets
Dates: Delivery, Start,
End, Strike, Payment Less trades “Buys”
Less trades “Sells”:
Thousands of Underlying physical /
trades “Buys” LESS NOTIONAL
financial: ie NBP Gas
Thousands of LESS USE OF
trades “Sells” THE EMIR
THRESHOLD!!! 7
14. Step Bilateral TriReduce® Ovovis®
1-Agree terms with
Counterparty
☕ ☕
Standard terms Standard terms
2- Agree terms
within my Company
3- Trade matching
☕ ☕
Engine matches Triangles, no match
required
4- Valuation
☕
MtM as given Engine: price, volume,
value
5- Negotiation
☕ ☕
Win-Lose, (W-W?) Win-Win P/L neutral
6- Documentation
☕ ☕
Standard Standard: adds trade to
simplify, no termination
6- Termination
☕ 14
Standard
18. • Disclaimer: To the extent permitted by law, neither Crediten Ltd nor its presenters will be
liable by reason of breach of contract, negligence or otherwise for any loss or consequential
loss occasioned to any person acting omitting to act or refraining from acting in reliance
upon the course material or presentation of the course or, except to the extent that any such
loss does not exceed the price of the course, arising from or connected with any error or
omission in the course material or presentation of the course. Consequential loss shall be
deemed to include, but is not limited to, any loss of profits or anticipated profits, damage to
reputation or goodwill, loss of business or anticipated business, damages, costs, expenses
incurred or payable to any third party or any other indirect or consequential losses. Except
as expressly and specifically provided in this agreement: you assume sole responsibility for
results obtained from the use of the training and for conclusions drawn from such use.
Crediten Ltd shall have no liability for any damage caused by errors or omissions in any
information, instructions or scripts provided to Crediten Ltd by you in connection with the
training, or any actions taken by Crediten Ltd at your direction; and all warranties,
conditions and other terms implied by statute or common law are, to the fullest extent
permitted by law, excluded from this agreement.
• Nothing in this agreement excludes or limits the liability of Crediten Ltd for: death or
personal injury caused by the Crediten Ltd's negligence; fraud or fraudulent
misrepresentation; or any other liability which cannot lawfully be excluded or limited.
• Intellectual property rights: all Intellectual Property Rights and all other rights in the
training materials shall be owned by Crediten Ltd.
• CREDITEN LIMITED COPYRIGHT 2012
18