Exclusive securities lending agreement: Difference between revisions
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{{wfmd|ESLA}} | |||
An [[exclusive securities lending agreement]] (“[[ESLA]]”) is an arrangement where a {{gmslaprov|Lender}} grants a {{gmslaprov|Borrower}} the exclusive right to borrow from a portfolio of [[securities]]. It is documented under a separate [[ESLA]], an additional legal agreement governing the terms of the exclusivity. | An [[exclusive securities lending agreement]] (“[[ESLA]]”) is an arrangement where a {{gmslaprov|Lender}} grants a {{gmslaprov|Borrower}} the exclusive right to borrow from a portfolio of [[securities]]. It is documented under a separate [[ESLA]], an additional legal agreement governing the terms of the exclusivity. | ||
It covers a pre-agreed period and may include specific programme parameters and eligibility criteria. | It covers a pre-agreed period and may include specific programme parameters and eligibility criteria. | ||
Conceptual question: is an ESLA a form of [[equity option]]? Should you figure it into your shareholding disclosure programme? Is it subject to {{tag|EMIR}} collateralisation and all that guff? | Conceptual question: is an ESLA a form of [[equity option]]? Should you figure it into your shareholding disclosure programme? Is it subject to {{tag|EMIR}} collateralisation and all that guff? | ||
Revision as of 18:11, 14 January 2019
Template:Wfmd
An exclusive securities lending agreement (“ESLA”) is an arrangement where a Lender grants a Borrower the exclusive right to borrow from a portfolio of securities. It is documented under a separate ESLA, an additional legal agreement governing the terms of the exclusivity.
It covers a pre-agreed period and may include specific programme parameters and eligibility criteria.
Conceptual question: is an ESLA a form of equity option? Should you figure it into your shareholding disclosure programme? Is it subject to EMIR collateralisation and all that guff?