Exclusive securities lending agreement

GMSLA Anatomy™

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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting

Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
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

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GMSLA

Pledge GMSLA

OSLA

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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?