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-[[Collateral]], as a abstract concept, is securities and cash a counterparty puts up as [[credit risk mitigation]]. <br />
+{{a|glossary|}}{{anat|security}}
-A [[collateral contract]] — an even more abstract concept — is a binding agreement which is collateral to — in other words it supports or gives a person a right to enter into a {{tag|contract}}. For example, certain forms of [[option]] — swaptions for example — are [[collateral contract]]s.
+===[[Financial Collateral Directive]]===
+In the context of the much, but fairly, maligned [[financial collateral directive]], note the distinction drawn between
+*[[Security financial collateral arrangement]]s and
+*[[Title transfer financial collateral arrangement]]s (which for the most part, aren’t really impacted by the directive, which is mainly about dealing with the painful details of perfecting security).
+===[[Credit support]]===
+[[Collateral]], as a abstract concept, is securities and cash a counterparty puts up as [[credit risk mitigation]] under a [[title transfer collateral arrangement]] or a [[pledged collateral arrangement]]. <br />
+For example: a credit support annex. That’s a [[collateral]] arrangement.
+===[[Collateral contract]]s===
+A [[collateral contract]] — an even more abstract concept — is a binding agreement which is collateral to — in other words it supports or gives a person a right to enter into a {{tag|contract}}.
+For example: certain forms of [[option]] — swaptions for example — are [[collateral contract]]s.