3.01 Close-out netting is a legal technique of great importance to the operation of the financial markets. There are various forms that this technique may take, but by way of a brief introduction (and ignoring the differences between the forms) it may be said that ‘close-out netting’ generally refers to the early termination of financial transactions between two parties upon the occurrence of an event of default (or similar event), followed by the determination of a final net amount due from one of the parties to the other in respect of that termination. 3.02...
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