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 "{{gmslaprov|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:
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.
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.

Revision as of 14:34, 18 April 2016

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

Under the 2010 GMSLA, by contrast there are three; two nouns and an adjective: "Securities", "Collateral" and "Equivalent".

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