1995 Overseas Securities Lender’s Agreement: Difference between revisions

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The {{osla}} is the predecessor to the {{gmsla}}. It is not widely used these days, though there are still versions kicking around and we do need to know about it. There is a sketchy [[OSLA Anatomy]] and a version of the Agreement itself can be perused [[Media:1995 OSLA.docx|here]], but unless you are looking at an existing agreement that can’t be changed, your much better bet is to look at the {{gmsla}}, and study the [[GMSLA Anatomy|anatomy]] of that document.
{{a|osla|{{OSLA - FMWD}}}}“I don’t deny it was fun. You feel like a hero, togged up in Kevlar annexures, camo-moly ALD codes, and those gleaming brass barrels on those old sweet bastard [[Osler]]s. They don’t make stock lenders like that anymore. This modern dreck: it’s so anodyne, so commoditised, so dreadfully ''rectangular''.”


===Interesting features===
“Man, the old Oslers were sweet. So light. So well-balanced. So nimble. You could trade in and out in a day. So forgiving. The suspension rode settlement fails like they weren’t there. So utilitarian. Nothing superfluous, nothing glamorous, just clean, market-hardened functionality. No wonder the boss loved them so.”
*'''{{oslaprov|Voting rights}}''': Unlike the {{gmsla}}, the {{osla}} contains a “best efforts” obligation to vote securities at the direction of the person who posted them to you. This is somewhat challenging given the title transfer nature of the agreement, but there you have it. the OSLA is a product of a more innocent age. for more in formation see {{oslaprov|4(b)(vi)}} ({{oslaprov|voting rights}})


{{oslaanatomy}}
“They found themselves in a heap, Bundie standing astride them with the OSLA, an acrid wisp trailing from its muzzle.
 
“How did you do that?”
 
“What just happened?”
 
“You did this with that?”
 
Bundie cocked his head.
 
In the right hands, the Osler is a powerful weapon. It may seem to be a quaint artefact of a bygone, chivalrous era, but don’t be misled. These babies have quite a punch.”
 
“That old derelict shell burst to life. A threnody in magnesium light and crackling ozone.
 
It may be old-school, but a well-calibrated [[Orpington Small Loans Armoury]] makes a big hole — it’s easy to forget the damage they can do. ”

Latest revision as of 15:26, 20 May 2024

OSLA Anatomy™
Top Trumps®
Financial Weapons of Mass Destruction®



OSLA

“Call that a short? That’s not a short. This is a short.”

Docs Vague, arcane, outdated and no netting airbags. 4
Amendability Bilateral, so yes, in theory — but more likely to tip out and sign up a fresh GMSLA. 2
Collateral Yes. Could be stocks, bonds — anything. 1
Transferability bilateral. Homey don’t ride that bus. 0
Leverage Fully cash collateralised, but a bonus point for the contra-flow collateral haircut. The lender net borrows from the borrower. Nice. 1
Fright-o-meter Generally sleepy “pluming of the financial, system” material, but shortsville, generally anachronistic and no netting, so GameStop freakout territory. 5

2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting

Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

Navigation
2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans

2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

Stock lending agreement comparison: Includes navigation for the 2000 GMSLA and the 1995 OSLA

Index: Click ᐅ to expand:
GMSLA
Pledge GMSLA
OSLA
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“I don’t deny it was fun. You feel like a hero, togged up in Kevlar annexures, camo-moly ALD codes, and those gleaming brass barrels on those old sweet bastard Oslers. They don’t make stock lenders like that anymore. This modern dreck: it’s so anodyne, so commoditised, so dreadfully rectangular.”

“Man, the old Oslers were sweet. So light. So well-balanced. So nimble. You could trade in and out in a day. So forgiving. The suspension rode settlement fails like they weren’t there. So utilitarian. Nothing superfluous, nothing glamorous, just clean, market-hardened functionality. No wonder the boss loved them so.”

“They found themselves in a heap, Bundie standing astride them with the OSLA, an acrid wisp trailing from its muzzle.

“How did you do that?”

“What just happened?”

“You did this with that?”

Bundie cocked his head.

In the right hands, the Osler is a powerful weapon. It may seem to be a quaint artefact of a bygone, chivalrous era, but don’t be misled. These babies have quite a punch.”

“That old derelict shell burst to life. A threnody in magnesium light and crackling ozone.

It may be old-school, but a well-calibrated Orpington Small Loans Armoury makes a big hole — it’s easy to forget the damage they can do. ”

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