Reference Dealers - GMSLA Provision

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GMSLA Anatomy


In a Nutshell Clause Reference Dealers:

Reference Dealers means four leading dealers in the relevant market chosen by the person determining an Market Value.
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2010 GMSLA full text of Clause Reference Dealers:

Reference Dealers means, in relation to any Securities, Equivalent Securities, Collateral or Equivalent Collateral, four leading dealers in the relevant securities selected by the Party making the determination of Market Value in good faith;
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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: Full wikitext · Nutshell wikitext | GMSLA Netting
Let me Google that for you: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

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If, when determining a Market Value, you have got as far as using Reference Dealers, things are not going well. This chips are down, and figuring out how and what to average out of your dealer poll will not lift your spirits. Which will amount to nothing if more than one Reference Dealer refuses to quote. Do not tarry: progress directly to “the party making the determination will, whilst avoiding being a total jerk, just make it up on the spot”, which is what the ultimate fallback amounts to.

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