Template:Gmsla equivalence: Difference between revisions

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Now here's a funny thing. In the {{2000gmsla}}, there were four defined terms relating to the assets and collateral that pass between the parties to a stock loan, all of them nouns: "{{gmslaprov|Securities}}", "{{gmslaprov|Collateral}}", "{{gmslaprov|Equivalent Securities}}" and "{{eqderivprov|Equivalent Collateral}}".
Now here's a funny thing. In the {{2000gmsla}}, there were four defined terms relating to the assets and collateral that pass between the parties to a stock loan, all of them nouns: "{{gmslaprov|Securities}}", "{{gmslaprov|Collateral}}", "{{gmslaprov|Equivalent Securities}}" and "{{eqderivprov|Equivalent Collateral}}".


Under the {{2010gmsla}}, by contrast there are three; two nouns and an adjective "{{eqderivprov|Securities}}", "{{gmslaprov|Collateral}}" and "{{gmslaprov|Equivalent}}".
Under the {{2010gmsla}}, by contrast there are three; two nouns and an adjective: "{{eqderivprov|Securities}}", "{{gmslaprov|Collateral}}" and "{{gmslaprov|Equivalent}}".


The difference being? Well, it's a neat linguistic one:
The difference being? Well, it's a neat linguistic one:
:Under the {{2000gmsla}} - if you're the sort of person who gets upset about this kind of thing - to capture the concept of an asset or collateral under the loan whichever way it presently happens to be travelling, you would need to say "{{eqderivprov|Securities}} or {{eqderivprov|Equivalent Securities}}, as the case may be".
 
:In the {{2010gmsla}} you can capture the same concept by just saying "{{eqderivprov|Securities}}".  Because "{{eqderivprov|Equivalent}}" {{eqderivprov|Securities}} is not a distinct from {{eqderivprov|Securities}}, but a subset of it.
Under the {{2000gmsla}} - if you're the sort of person who gets upset about this kind of thing - to capture the concept of an loaned {{gmslaprov|Securities}} or posted  {{gmslaprov|Collateral}} under the {{gmslaprov|Loan}} whichever way it presently happens to be travelling, you would need to say "{{eqderivprov|Securities}} or {{eqderivprov|Equivalent Securities}}, as the case may be".
 
In the {{2010gmsla}} you can capture the same concept by just saying "{{eqderivprov|Securities}}".  Because "{{eqderivprov|Equivalent}}" {{eqderivprov|Securities}} is not a distinct from {{eqderivprov|Securities}}, but a subset of it.


So, chapeau to those clever people at Freshfields Bruckhaus Deringer.
So, chapeau to those clever people at Freshfields Bruckhaus Deringer.


BUT THEN TAKE THAT CHAPEAU AWAY, because having been clever enough to do that, the {{2010gmsla}} is '''still''' studded with expressions like "Securities equivalent to the relevant Loaned Securities or Collateral, as the case may be," and "{{gmslaprov|Securities}}, {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}". YOU FOOLS.
BUT THEN TAKE THAT CHAPEAU AWAY, because having been clever enough to do that, the {{2010gmsla}} is '''still''' studded with expressions like "Securities equivalent to the relevant Loaned Securities or Collateral, as the case may be," and "{{gmslaprov|Securities}}, {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}". YOU FOOLS.
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