![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Wednesday, July 30, 2014 3:59:00 PM
The International Swaps and Derivative Association (ISDA) published their position on the changing of the “SILVER-FIX” with the new “LONDON SILVER PRICE” and the ramifications are earth shattering for silver derivative holders.
ISDA publishes Bilateral Form of Amendment Agreement for Certain Silver Transactions
http://www2.isda.org/news/isda-publishes-bilateral-form-of-amendment-agreement-for-certain-silver-transactions
When I first saw this announcement I had thought to myself, “It’s about time the ISDA came out with a ruling to replace the ‘SILVER-FIX’ with something identical to use in the outstanding silver derivative contracts.” After all, according to Bloomberg there are nearly $5T in silver derivatives traded every year!
BUT WHAT WAS ANNOUNCED WAS A SHOCKING “GET OUT OF JAIL FREE” CARD FOR THE SILVER DERIVATIVE SHORTS AND GUARANTEED TO THROW THE SILVER DERIVATIVE MARKET INTO CHAOS!!
Basically, the ISDA acknowledges the change in the form of an Amendment but then goes on to clearly state that the implementation of this contractual change it 100% OPTIONAL for all parties involved!!
“ISDA, in consultation with market participants, is issuing this statement in addition to the Amendment Agreement as a means of assisting market participants in treating Affected Transactions. Parties are not obligated to enter into the Amendment Agreement and may choose to negotiate alternative means of treating Affected Transactions.“
Not only that but they clearly state that the “SILVER-FIX” and the “LONDON SILVER PRICE” are NOT interchangeable.
“The Amendment Agreement seeks to replace references to “SILVER-FIX” with a reference to a new Commodity Reference Price, which may include a reference to the new London Silver Price. Parties electing to amend the Affected Transactions through the Amendment Agreement may do so with effect from 15 August 2014.”
END
At issue is billions of dollars worth of silver derivative contracts that mature after August 14, 2014 that have incorporated both the term “SILVER-FIX” as well as reference the ISDA and LBMA as governing bodies related to the setting price defined as the “SILVER-FIX”.
read full
http://www.roadtoroota.com/public/1415.cfm?awt_l=JfdHA&awt_m=3ZCQwHDyO44C85B
777
Recent SLV News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 08:40:23 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/03/2023 06:39:51 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/04/2023 06:19:53 PM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM