Template:Synthetic equity swap - FWMD: Difference between revisions
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Synthetic equity swap “All the pleasure of ownership; none of the responsiblity!”
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{{fwmdtt|nickname=Synthetic equity swap| imagetype=png | {{fwmdtt|nickname=Synthetic equity swap| imagetype=png | ||
|tagline= All the pleasure of ownership; none of the responsiblity!| documentation= {{isdama}}, {{eqdefs}} and a master confirmation. Call the [[legal eagles]]! | |tagline= All the pleasure of ownership; none of the responsiblity!| documentation= {{isdama}}, {{eqdefs}} and a master confirmation and, if you are lucky, a 75-page [[Margin lock-up|lockup]]. Call the [[legal eagles]]! | ||
| docscore=8 | | docscore=8 | ||
| amendability= Bilateral, so doable, but delta-one, so not much to amend.|amendscore=3 | | amendability= Bilateral, so doable, but delta-one, so not much to amend.|amendscore=3 | ||
| collateral= [[Regulatory margin|Reg VM]] and [[IM]] margined daily. If you are on dynamic margining, not much to see here. If you aren’t, '' | | collateral= [[Regulatory margin|Reg VM]] and [[IM]] margined daily. If you are on [[Dynamic margin|dynamic margining]] and paying attention, not much to see here. If you aren’t, ''[[Armageddon]]''. | ||
| collateralscore = | | collateralscore = 7| transferability= Daily liquidity, so no real need.| transferscore =3| leverage= Synthetic [[margin lending]] so yes. But your [[PB]] will — ''should'' —be all over you, so no.| leveragescore =5| frightometer= Until 27 March 2021, about 3. But since then, beset with evil spirits, succubi and incubi, and [[Archegos|The Family Office Who Must Not Be Named]].| frightscore=10}} | ||
Latest revision as of 09:41, 16 August 2021
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| Docs | ISDA Master Agreement, 2002 ISDA Equity Derivatives Definitions and a master confirmation and, if you are lucky, a 75-page lockup. Call the legal eagles! | 8 |
| Amendability | Bilateral, so doable, but delta-one, so not much to amend. | 3 |
| Collateral | Reg VM and IM margined daily. If you are on dynamic margining and paying attention, not much to see here. If you aren’t, Armageddon. | 7 |
| Transferability | Daily liquidity, so no real need. | 3 |
| Leverage | Synthetic margin lending so yes. But your PB will — should —be all over you, so no. | 5 |
| Fright-o-meter | Until 27 March 2021, about 3. But since then, beset with evil spirits, succubi and incubi, and The Family Office Who Must Not Be Named. | 10 |