|
|
(6 intermediate revisions by the same user not shown) |
Line 1: |
Line 1: |
| {{fullanat|gmsla|2.3|}} | | {{Manual|MSG|2010|2.3|Clause|2.3|short}} |
| ====Commentary====
| |
| A point of great confusion in the market, given the unhelpful title of the agreement.
| |
| | |
| 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".
| |
| | |
| 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.
| |
| | |
| ====Related Provisions====
| |