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All true. And just so. In any case, you want to hand over something that is ''identical'' to, but isn’t exactly ''the'' something that you were given. But it is ''exactly'' the same. For most purposes in this day and age that is fine, and indeed will support your [[title transfer]] analysis, should you be in the market for a [[true sale opinion]]. | All true. And just so. In any case, you want to hand over something that is ''identical'' to, but isn’t exactly ''the'' something that you were given. But it is ''exactly'' the same. For most purposes in this day and age that is fine, and indeed will support your [[title transfer]] analysis, should you be in the market for a [[true sale opinion]]. | ||
When, as all of them these days are, your [[securities]] are [[dematerialised]] and held in a [[clearing system]], this might seem an arid distinction, but it is one must hold in the front of one’s mind when considering the fundamentals of our business — [[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. Or ''on'' you. | |||
{{Equivalent vs similar}} | {{Equivalent vs similar}} | ||