Equivalent: Difference between revisions

''{{gmsla}}: {{gmslaprov|Equivalent}}''<br>

See also [[fungible]] - when you you have been given something, and when it comes to return it, you want to hand over something that isn’t exactly the something that you were given. But is just as good. In the case of [[dematerialised securities]] held in a [[clearing system]] (in other words ''all'' [[Transferable security|transferable securities]]) this is a rather arid ontological distrinction, but it is one must firmly in the front of one’s mind when considering fundamental tools of our trade — [[close-out netting]], [[stock lending]], [[rehypothecation]] (anything that involves a [[title transfer collateral arrangement]] really) — lest the whole intellectual superstructure of modern [[credit risk mitigation]] should collapse before your eyes.