Which event is NOT a standard ISDA trigger event?

The event that is not a standard ISDA (International Swaps and Derivatives Association) trigger event is replication. In the context of ISDA documentation, trigger events typically refer to specific occurrences that allow one party to terminate a derivatives agreement or take specific actions, such as requiring collateral or terminating the contract.

Bankruptcy is a standard trigger event, as it indicates that one party may not be able to fulfill its financial obligations. Similarly, failure to pay is also a recognized trigger, as it represents a clear breach of contractual terms which could prompt termination or other actions. Government intervention may likewise adjust the dynamics of a derivatives contract, especially if it involves regulatory changes that impact the enforceability or viability of certain agreements.

Replication, on the other hand, does not fit within the framework of typical ISDA trigger events. It generally refers to the action of copying or reproducing data or financial instruments and does not constitute a scenario that directly affects the obligations or performance of the parties involved in a derivatives transaction. Therefore, it is not included in the standard list of events that would trigger specific legal or financial responses under ISDA agreements.