Standard settlement time - GMSLA Provision
Well, not strictly speaking a 2010 GMSLA provision - more a textual reference, in clauses 8.1 and 8.2, the "standard settlement time" is not defined in the 2010 GMSLA but worth mentioning that, having recalled a loan, a Lender must allow at least a standard settlement cycle to ge the securities back. Which standa to reason if you think about it.
8.1 in a Nutshell™ (GMSLA edition)
8.1: Lender’s right to terminate a Loan: Unless it is a term Loan, Lender may terminate a Loan and call for Equivalent Securities by giving notice on any Business Day. Lender must allow the Borrower at least the standard settlement cycle to return Equivalent Securities.
8.2 in a Nutshell™ (GMSLA edition)
8.2 Borrower’s right to terminate a Loan: The Borrower may terminate a Loan at any time and deliver outstanding Equivalent Securities to Lender per its instructions. The Lender must accept such delivery.
See also
- Standard Settlement Cycle in the world of equity derivatives.