# Swap agreements

`kaal:entity:swap-agreements`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `swap-agreements`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 1 works, 2011 to 2011.

**2011**

- [1765901-009](https://wulfkaal.github.io/claims/1765901-009) [normative/argued] -- Judge Baer's dismissal of the Porsche complaint reaches the correct result under Morrison, but parts of his reasoning require further refinement.
  > In sum, Judge Baer's holding is correct under Morrison, but some of the reasoning needs further refinement.
  Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901
- [1765901-010](https://wulfkaal.github.io/claims/1765901-010) [failure/argued] *(failure mode)* -- The Porsche swap transactions were not the functional equivalent of a transaction on a U.S. securities exchange, but neither were they the functional equivalent of a transaction on a German exchange, contrary to the implication of Judge Baer's opinion.
  > In the actual Porsche case, however, the swap transactions were not the func- tional equivalent of a transaction on a U.S. securities exchange, even if they also were not the functional equivalent of a transaction on an exchange in Germany.
  Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901
- [1765901-011](https://wulfkaal.github.io/claims/1765901-011) [failure/argued] *(failure mode)* -- The economic reality of swap agreements does not justify fixing the location of the transaction in every case solely by reference to the market where the reference security trades, even though Judge Baer was right that the Porsche swaps were not U.S. transactions.
  > Judge Baer was right that these swap agreements were not transactions in the United States, but the "economic reality" of swap agree- ments does not support fixing a location for the transaction in every case based solely on the market for the reference security.
  Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901
- [1765901-019](https://wulfkaal.github.io/claims/1765901-019) [failure/argued] *(failure mode)* -- Porsche could be exposed to substantial U.S. sanctions even though neither its own common stock nor Volkswagen's traded in the United States, solely because of swap agreements to which Porsche was not a party.
  > Albeit seemingly without its own common stock trading in the U.S. or the common stock of Volkswagen trading in the U.S., Porsche could be ex- posed to substantial sanctions in the U.S. merely because of swap agreements in which Porsche had no involvement.
  Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901
- [1765901-022](https://wulfkaal.github.io/claims/1765901-022) [design/asserted] -- The Second Circuit should uphold Judge Baer's ruling on a totality of the circumstances basis and explain more fully how those circumstances determine the location of a swap agreement under Morrison.
  > The Second Circuit should uphold Judge Baer's ruling based on the totality of the circumstances and also explain more completely how these circumstances should be evaluated for the purpose of determining the location of a swap agreement under Morrison.
  Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/swap-agreements.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.