Exclusive securities lending agreement

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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?