ISDA

“So fortunately, with a lot of work, we got those ISTAs set up at that moment to be collateralized fully in each direction. So we'd post, they would post, and that kept us out of a lot of trouble in oh eight, oh nine, and still a scary time in a lot of ways, bu…”

“There were issues that if a given fund received a going concern opinion from the auditors, it could trigger the ISDAs across the entire Morgan Stanley firm and take it down.”