This article examines hedging failures: premature trade terminations HedgeBK suspending ongoing settlement payments default contagion and adverse impact on hedged facilities. These emerge from different layers or facets of a trade. As an "ISDA Agreement" a trade faces termination risk and Section 2(a)(iii) Risk. Ongoing settlement payments by HedgeBK to HedgeCO may be suspended unpaid under MA s 2(a)(iii). A weakness for all hedging products suspensions would...