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Template:CSA Transfer Description: Difference between revisions
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**'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | **'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | ||
**'''Cash''': For cash, not so clear. | **'''Cash''': For cash, not so clear. | ||
*'''What happens if the value of the transferred credit support changes in value on the Settlement Date'''? | *'''What happens if the value of the transferred credit support changes in value on the {{csaprov|Settlement Date}}'''? | ||
*'''What happens to {{csaprov|Exposure}}s if the {{csaprov|Settlement Date}} is a long time after the {{csaprov|Demand Date}}<ref>As it may well be if the collateral are corporate [[bond]]s held in a [[clearing system]]</ref>?''' | |||
**Is the demand, if answered with irrevocable instructions to deliver, treated as having been met, or does the {{csaprov|Exposure}} stay outstanding until the collateral actually comes in? The answer is YES, thanks to the definitions of Delivery Amnount and REturn amount, both of which include the words | |||
:''...the Value as of that {{csaprov|Valuation Date}} of the {{csaprov|Transferor}}’s {{csaprov|Credit Support Balance}} (adjusted to include any prior {{csaprov|Delivery Amount}} and to exclude any prior {{csaprov|Return Amount}}, the transfer of which, in either case, has not yet been completed and for which the relevant {{csaprov|Settlement Day}} falls on or after such {{csaprov|Valuation Date}}).'' | |||