Template:Gmsla equivalence

Now here’s a funny thing. In the 2000 GMSLA, there were four defined terms relating to the Securities and Collateral that pass between the parties to a stock loan, all of them nouns:

• Securities
• Collateral
• Equivalent Securities
• Equivalent Collateral

Under the 2010 GMSLA, by contrast, there are just three; two shorter nouns and an adjective:

• Securities
• Collateral
• Equivalent

Dare I say it: neat drafting, that person.