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Why would that be? Oh! Yes, [[Stock loan ninja]] at the back, with your hand up! | Why would that be? Oh! Yes, [[Stock loan ninja]] at the back, with your hand up! | ||
:'''''[[Stock loan ninja]]''' ( | :'''''[[Stock loan ninja]]''' (for it is he)'': Sir! Sir! Please sir, is this to stop the [[mini-closeout]] of a single {{gmslaprov|Loan}} under a {{gmsla}}? | ||
:'''''The [[JC]]''' (beaming inscrutably)'': Yeeeees — Go on — ? | :'''''The [[JC]]''' (beaming inscrutably)'': Yeeeees — Go on — ? | ||
:'''''SLN''''': Sir, please sir, settlement failures under a [[stock loan]] are often a function of market illiquidity (the asset to be delivered isn’t available) and aren’t necessarily indicative of credit deterioration, sir, so should not necessarily trigger a [[DUST]] under the [[ISDA]]. But this situation would never apply to a simple cash payment. On the other hand, if the ''whole'' {{gmsla}} is closed out as a result of a delivery fail, you clearly are in a credit-stress situation. | :'''''SLN''''': Sir, please sir, settlement failures under a [[stock loan]] are often a function of market illiquidity (the asset to be delivered isn’t available) and aren’t necessarily indicative of credit deterioration, sir, so should not necessarily trigger a [[DUST]] under the [[ISDA]]. But this situation would never apply to a simple cash payment. On the other hand, if the ''whole'' {{gmsla}} is closed out as a result of a delivery fail, you clearly are in a credit-stress situation. |