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The amount by which ICMA’s crack drafting squad™ managed to balls up a really simple idea — that you have to pay over whatever you get on what you hold, on the day you get it, grossed up — is really quite remarkable. Some ninja work here, make no mistake.

Detail point: The manufacture of income, versus the accrual and payment of income, is the key difference between a Repo and a Buy/Sellback Transaction. Under a repo you manufacture income; under a buy/sellback you accrue interest.