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| {{Csaanat|5(a)|1995}}
| | #redirect[[Transfer of Title, No Security Interest, Distributions and Interest Amount - CSA Provision]] |
| *Don’t say: ''What's [[title transfer]]?''
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| If you must say it, don’t ask [[Media:SFTR-information-statement.pdf|five industry associations to get together at once to explain it]] to you.
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| ===Clearing system liens===
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| A little bit of “well, it really ought to go without saying but, hell, you are [[Legal eagle|derivatives lawyers]], so we know that’s not how you roll” drafting. In these modern, [[Dematerialised|dematerialised]] times, the securities in a [[clearing system]] are entries in a ledger maintained by the clearing system on its own books. Those interests have material extension in actual, paper [[securities]], deposited (usually in the form of a [[global note]]) with a depositary on the [[clearing system]]’s behalf<ref>Or on behalf of ''several'' [[clearing system]]s, in which case it is a “common depositary”.</ref> This [[global note]] is technically the [[bearer instrument]] the [[clearing system]]’s records reflect.
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| In any case, like all good [[Intermediary|intermediaries]], the [[clearing system]] gets fees from participants for ''being'' a clearing system. To guard against non-payment of these fees, it keeps a [[lien]] on all global securities it holds.
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| Now all this sits a long way down the stack of turtles that makes up the modern [[Metaphysics|metaphysical]] financial system — almost so deep as to be beyond the paranoid articulations of an [[ISDA ninja]] — but, as you can see, not ''quite''.
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| {{Titletransfervspledge}}
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| {{Seealso}}
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| *[[Rehypothecation]]
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| {{ref}}
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