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{{a|gmsla|{{subtable|{{2010 GMSLA TOC}}}}}}The prevailing market standard {{tag|English law}} [[stock lending]] master agreement. Compare with the {{msla}}. | {{a|gmsla|{{subtable|{{2010 GMSLA TOC}}}}}}The prevailing market standard {{tag|English law}} [[stock lending]] master agreement. Compare with the {{msla}}. | ||
How do you say it? [[Jimzler|However you like, basically]]. The | How do you say it? [[Jimzler|However you like, basically]]. | ||
The {{gmsla}} is an agreement once drafted by a [[magic circle law firm]] but whose carriage nowadays is almost exclusively handled by [[inhouse lawyer]]s and [[negotiator]]s, to the point where seeking external advice on what a given provision means is a bad idea, because [[private practice lawyer]]s will have far less of a clue — having likely never looked at a {{gmsla}} — than will their inhouse clients who ask the question. They will be baffled by the terminology — is it a loan or isn’t it? — the fact that failing to redeliver securities or collateral is ''de rigueur'' and does not usually sifnify the [[end of the world as we know it]], that there should really not be damages for consequential losses and countless other trifling, [[tedious]] things. | |||
This won’t stop the inhouse clients asking, of course, and indeed they are known to have the bright idea of outsourcing GMSLA negotiations to outside law firms. This is a disaster. Don’t ''do'' it, folks. | |||
{{sa}} | |||
*[[Stock lending]] | |||
*[[Securities financing]] | |||
*[[Master agreement]] |