Template:Heatdeath

The boredom heat death of the universe was only narrowly avoided during the implementation of the securities financing transaction regulations when a cartel of well-meaning industry associations and their respective legal working groups jointly produced a fifteen page, 5,000 word document explaining the concept of title transfer.

To this day, financial institutions around Europe have whole departments whose only function is to send SFTR disclosures to each other. Once a year, at Christmas, their email batteries fall silent and they meet atop the trenches for a game of football in No-Man’s Land.