Market Value - GMSLA Provision: Difference between revisions
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Revision as of 13:27, 24 February 2016
Market Value in a Nutshell™ (GMSLA edition)
Market Value means:
(a) Securities: For Securities the mid price market quotation at Close of Business on the previous Business Day
- (i) published on a reputable information service chosen by the Lender; or failing that
- (ii) derived from a mid price from a dealer chosen by the Lender
- (unless either party thinks there’s been an unusual market movement since then, in which case the latest available price) plus:
- (iii) accrued Income if not included in the quote.
Where the assets in question are not trading freely the Parties may agree their Market Value. Failing that, they can ask an mutually acceptable dealer to quote. If they can’t agree on one of those, they can seek an average of Reference Dealer quotations (with a laborious mechanism for figuring our what to include and how to average it). If all else fails the Market Value giving up altogether and falling back on the reasonable determination of the Party originally making the determination).[1]
(b) Letters of credit: for any Letter of Credit, its face value.
(c) Cash: for Cash its face value.
2000 Global Master Securities Lending Agreement
Para Market Value, 2000 GMSLA
Template:2000 GMSLA Market Value
Commentary
Don't forget that when that Market Value is to be applied to Collateral, you need to include also the Margin - the expression in the 2010 GMSLA for the haircut applied to a given piece of collateral for its inherent illiquidity and the variability of price it might represent.
Related Provisions
update to anat|gmsla
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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting
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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
- ↑ Tiresome, I know.