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| If you are using the {{1995csa}} *(as is usual for English law governed {{isdama}}s), then you might find the [[CSA Anatomy]] a good place to start. | | If you are using the {{1995csa}} *(as is usual for English law governed {{isdama}}s), then you might find the [[CSA Anatomy]] a good place to start. |
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| ==={{tag|Title transfer}} vs. {{tag|Pledge}}===
| | {{titletransfervspledge}} |
| This feels as good a time as any to raise the great subject of [[title transfer]] and [[pledge]]. In a {{nutshell}}:
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| *'''Title Transfer''': The {{tag|English law CSA}} – outside the US, by far the most common type – is a [[title transfer]] document:
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| **when securities delivered to a party they become the recipient's property absolutely
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| **recipient does not hold them in custody for the transferor;
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| **recipient has only an obligation to redeliver an equivalent security.
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| **Therefore no {{tag|CASS}} question arises at any point.
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| *'''Pledge''': The English Law CSD and New York Law CSA are “pledge” documents:
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| **The transferor delivers the securities to the receipient to hold for the transferor – the transferor retains title
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| **Recipient holds securities as transferor's custodian subject to a {{tag|security interest}} securing their obligation under the swap.
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| **The custody arrangement only exists while recipient holds the security, not before.
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| {{csaanatomy}} | | {{csaanatomy}} |