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{{fwmd|ESLA}}An [[exclusive securities lending agreement]] (“[[ESLA]]”) is an arrangement where a {{gmslaprov|Lender}} grants a {{gmslaprov|Borrower}} the exclusive right to borrow from a portfolio of [[securities]]. It is documented under a separate [[ESLA]], an additional legal agreement governing the terms of the exclusivity. | |||
{{fwmd|ESLA}} | |||
An [[exclusive securities lending agreement]] (“[[ESLA]]”) is an arrangement where a {{gmslaprov|Lender}} grants a {{gmslaprov|Borrower}} the exclusive right to borrow from a portfolio of [[securities]]. It is documented under a separate [[ESLA]], an additional legal agreement governing the terms of the exclusivity. | |||
It covers a pre-agreed period and may include specific programme parameters and eligibility criteria. | It covers a pre-agreed period and may include specific programme parameters and eligibility criteria. | ||
Conceptual question: is an ESLA a form of [[equity option]]? Should you figure it into your shareholding disclosure programme? Is it subject to {{tag|EMIR}} collateralisation and all that guff? | Conceptual question: is an ESLA a form of [[equity option]]? Should you figure it into your shareholding disclosure programme? Is it subject to {{tag|EMIR}} collateralisation and all that guff? | ||
{{Anat|gmsla|}} |