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Stock loan ninja: Difference between revisions
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{{g}}Like an [[ISDA ninja]] only far, far rarer and, sadly, far less valuable. One steeped in the ways, conventions and oddities of the securities lending market. Au fair with the fact that, even though it is called a “{{gmslaprov|loan}}”, it’s not — ''but it sort of is at the same time''. One who understands what {{gmslaprov|mini close-out}} is, how it works, why you would use it, and how it interacts with {{isdaprov|Default Under Specified Transaction}} under the {{isdama}}. One who knows how a {{gmslaprov|Buy-in}} works, and why. | {{g}}Like an [[ISDA ninja]] only far, far rarer and, sadly, far less valuable. One steeped in the ways, conventions and oddities of the securities lending market. Au fair with the fact that, even though it is called a “{{gmslaprov|loan}}”, it’s not — ''but it sort of is at the same time''. One who understands what {{gmslaprov|mini close-out}} is, how it works, why you would use it, and how it interacts with {{isdaprov|Default Under Specified Transaction}} under the {{isdama}}. One who knows how a {{gmslaprov|Buy-in}} works, and why. | ||
[[Private practice lawyer|Private practice lawyers]] — especially those from [[magic circle law firm]]s — | [[Private practice lawyer|Private practice lawyers]] — especially those from [[magic circle law firm]]s — don’t have a scooby doo about the [[GMSLA]] (despite one such firm having written the damn thing) and as a result whenever they are called in to negotiate one — the odd European [[asset manager]] has been known to do this — things get weird, psychedelic, and heated at the same time, very quickly. | ||
These days most [[stock loan agreement]] negotiations are handled by teenagers harvested from the Bratislavan gig economy. They do so after a long Uber shift, hiked up on ''No-Doz'' and with an out-of-date copy of the [[FT book about stock loans]]<ref>Well: A new one costs two weeks’ wages Transylvanian turnips.</ref> on their lap, while referring to a tattered [[playbook]]s handed to them by the ''last'' school leaver who binned it after three months to work for a tech start up, so much of that subtlety is lost. | These days most [[stock loan agreement]] negotiations are handled by teenagers harvested from the Bratislavan gig economy. They do so after a long Uber shift, hiked up on ''No-Doz'' and with an out-of-date copy of the [[FT book about stock loans]]<ref>Well: A new one costs two weeks’ wages Transylvanian turnips.</ref> on their lap, while referring to a tattered [[playbook]]s handed to them by the ''last'' school leaver who binned it after three months to work for a tech start up, so much of that subtlety is lost. | ||