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| {{fullanat|gmsla|2.3|2010}} | | {{Manual|MSG|2010|2.3|Clause|2.3|short}} |
| ====Commentary====
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| A point of great confusion in the market, given the unhelpful title of the agreement.
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| But there is '''no''' lending done under a {{gmsla}}: A “[[stock loan]]” contract comprises of an '''outright sale, by full title transfer''', of a stock, against a corresponding outright sale, by full title transfer, of collateral, and a right in the future to enter into opposing transactions, also outright sales by full title transfer, of {{gmslaprov|equivalent}} securities and collateral. Note equivalent has a special meaning: not "more or less the same" or "broadly similar" but "the exact same thing, from the same ISIN".
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| For the purposes of this commentary, however, the learning is this: moment you are delivered your security under a [[stock loan]] it is yours, to do with as you please, against all the world. As the article on [[stock loan]] explains, you will almost certainly want to sell it, immediately. Then you will be [[short]].
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| {{seealso}}
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| *[[Stock loan]]
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