1995 Overseas Securities Lender’s Agreement

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OSLA

Call that a short? That’s not a short. This is a short.

Docs Vague, arcane, outdated and no netting airbags. 4
Amendability Bilateral, so yes, in theory — but more likely to tip out and sign up a fresh GMSLA. 2
Collateral Yes. Could be stocks, bonds — anything. 1
Transferability bilateral. Homey don’t ride that bus. 0
Leverage Fully cash collateralised, but a bonus point for the contra-flow collateral haircut. The lender net borrows from the borrower. Nice. 1
Fright-o-meter Generally sleepy “pluming of the financial, system” material, but shortsville, generally anachronistic and no netting, so GameStop freakout territory. 5

2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting

Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

Navigation
2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans

2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

Stock lending agreement comparison: Includes navigation for the 2000 GMSLA and the 1995 OSLA

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“I don’t deny it was fun. You feel like a hero, togged up in Kevlar annexures, camo-moly ALD codes, and those gleaming brass barrels on those old sweet bastard Oslers. They don’t make stock lenders like that anymore. This modern dreck: it’s so anodyne, so commoditised, so dreadfully rectangular.”

“Man, the old Oslers were sweet. So light. So well-balanced. So nimble. You could trade in and out in a day. So forgiving. The suspension rode settlement fails like they weren’t there. So utilitarian. Nothing superfluous, nothing glamorous, just clean, market-hardened functionality. No wonder the boss loved them so.”

“They found themselves in a heap, Bundie standing astride them with the OSLA, an acrid wisp trailing from its muzzle.

“How did you do that?”

“What just happened?”

“You did this with that?”

Bundie cocked his head.

In the right hands, the Osler is a powerful weapon. It may seem to be a quaint artefact of a bygone, chivalrous era, but don’t be misled. These babies have quite a punch.”

“That old derelict shell burst to life. A threnody in magnesium light and crackling ozone.

It may be old-school, but a well-calibrated Orpington Small Loans Armoury makes a big hole — it’s easy to forget the damage they can do. ”