Template:M summ GMSLA 5

Techy linguistic aside: Now here’s a funny thing. In the 2000 GMSLA, there were four defined terms relating to the Securities and Collateral that pass between the parties to a stock loan, all of them nouns:

• Securities
• Collateral
• Equivalent Securities
• Equivalent Collateral

But under the 2010 GMSLA, there are just three; two shorter nouns and an adjective:

• Securities
• Collateral
• Equivalent

This means you can move from the utterly tiring “Securities, Collateral, Equivalent Securities or Equivalent Collateral” which is fire-hosed throughout the 2000 GMSLA to the less offensive “Securities, Collateral or their Equivalents” in the 2010 GMSLA.