The Jolly Contrarian on ISDA
Episodes
Fixing the netting problem
29 May 2026
Contributed by Lukas
This is a free preview of a paid episode. To hear more, visit jollycontrarian.substack.comBy now I hope the netting problem is clear: regulations requ...
The gruesome tale of Little Swap-a-Thing
22 May 2026
Contributed by Lukas
This is a free preview of a paid episode. To hear more, visit jollycontrarian.substack.comLittle Swap-a-ThingMama said, “Now, Eggfried dear:I must g...
The boy and his shadow
24 Apr 2026
Contributed by Lukas
Banca Valle del SiliconeNon era Lorenzo MediciIo ho cedole fissateTu le hai variateVogliamo la coperturaFissiamo la procedura—Otto Büchstein, Eggfr...
Borrowing short and lending long
03 Apr 2026
Contributed by Lukas
This is the first chapter in a new series about close-out netting, and the tiresome, hideous problem of close-out netting opinions. If you haven’t a...
The Netting Problem
27 Mar 2026
Contributed by Lukas
You’re all here for eternity which, I hardly need tell you, is a heck of a long time.—Rowan Atkinson, Welcome to HellEvery now and then I field an...
Variation margin: deep history Pt 3
06 Mar 2026
Contributed by Lukas
This is part three of a multi-part series about the deep and largely apocryphal history of collateralised lending. Here are parts 1 and 2. For those w...
Variation margin: deep history Pt 2
13 Feb 2026
Contributed by Lukas
Thanks for reading! This post is public so feel free to share it.This is part 2 of an essay. Here is variation margin: deep history part 1. There will...
SLAPPs, without prejudice and a latter-day Albert Haddock
06 Feb 2026
Contributed by Lukas
A case concerning a snippy letter from a lawyer who should have known better to another one, who did, is an odd departure point for an excursion into ...
Variation margin: deep history Pt 1
30 Jan 2026
Contributed by Lukas
In the worlds before Monkey, primal chaos reigned.Heaven sought order — butThe phoenix can fly only when its feathers are grown.The four worlds form...
Credit Support Annex: Preamble
23 Jan 2026
Contributed by Lukas
This is a free preview of a paid episode. To hear more, visit jollycontrarian.substack.comThis is going to be quite the epistolic journey. Like a Dick...
Withholding tax and gross ups
13 Sep 2025
Contributed by Lukas
We’re no strangers to levyYou know withholding rules and so do I:Some tax commitment’s what I’m thinking ofYou wouldn’t get this from any othe...
LIBOR rigging
28 Mar 2025
Contributed by Lukas
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jollycontrarian.substack.com/su...