83,580
edits
Amwelladmin (talk | contribs) (Created page with "{{Anat|gmsla}} An exclusive securities lending agreement (“ESLA”) is an arrangement where a {{gmslaprov|Lender}} grants a {{gmslaprov|Borrower}} the exclusive righ...") |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
{{Anat|gmsla}} | {{Anat|gmsla|}} | ||
{{wfmd|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. | 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? |