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====Commentary==== | ====Commentary==== | ||
'''Tricks for the young players''': “{{csaprov|Equivalent Credit Support}}” | '''Tricks for the young players''': “{{csaprov|Equivalent Credit Support}}” is meant only to capture assets which are [[fungible]] with assets forming part of posted {{csaprov|Credit Support Balance}} (exactly the same ISIN) – the point of “equivalence” is to buttress the {{csa}}’s [[title transfer]] analysis by allowing return of a security which isn’t the exact security that was delivered in the first place, but another one from the same issue. | ||
If you had to redeliver the same one, the “transfer of title” is in danger of being [[recharacterised]] into a [[pledge]]/[[loan]], which has a bunch of unwanted knock-on effects. | If you had to redeliver the same one, the “transfer of title” is in danger of being [[recharacterised]] into a [[pledge]]/[[loan]], which has a bunch of unwanted knock-on effects. |
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