Template:M comp disc Pledge GMSLA 11.4

The rather confusing terms Deliverable Securities and Receivable Securities have disappeared from the 2018 Pledge GMSLA, because the Collateral leg is locked down now, and by normal operating theory never leaves the Borrower’s ownership or the triparty agent’s custody — but in any rate since it is immobilised in the triparty system, can hardly be subject to a settlement failure (at least not one that is in any way the Lender’s fault).

There is still the potential for buy-ins on the Securities leg, of course.