Prime Finance: Golden's quest for completion
Standardised contracts invite disputes, but that’s not a problem as long as courts can be trusted to settle them correctly, says Jeffrey Golden, founding chairman of a two-year-old arbitration initiative
In the mid-1980s, dealers in the nascent interest rate swaps market were getting fed up with the length of time it took to get deals done. Reluctant to stray from the advice their lawyers provided, banks ended up writing bespoke contracts outlining counterparty obligations for nearly every trade.
The obvious solution was a standard template, but getting there was tough. Jeffrey Golden – then a partner at law firm Cravath, Swaine and Moore and now founding chairman of the Panel of Recognised
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