The Jolly Contrarian on ISDA
Episodes
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...