Stock loan ninja

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Like an ISDA ninja only far, far rarer and, sadly, far less valuable. One steeped in the ways, conventions and oddities of the securities lending market. Au fair with the fact that, even though it is called a loan, it’s not. One that understands what mini close out is for an how it works and how it interacts with Default Under Specified Transaction under the ISDA Master Agreement. One that knows how a buy-in works, and why.

These days most stock loan agreement negotiations are handled by teenagers in the Balkans, and much of that subtlety is lost. Jobbing inhouse lawyers field queries on the desk and have to make it up as they go along.

See also

• ISDA ninja