Template:CSA Transfer Description: Difference between revisions

Template:CSA Transfer Description (view source)

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→‎Timing of CSA Transfers under the {{1995csa}}

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-====Timing of CSA Transfers under the {{1995csa}}====
+===Timing of transfers under a {{{{{1}}}}}===
-This is how the timing works for {{1995csa}} transfers:
+This is how the timing works for {{{{{1}}}}} transfers:
-*'''Demand Date''': On any date, be it a {{csaprov|Local Business Day}} or not, (call it a “'''Demand Date'''”, but note per {{csaprov|2(a)}} or {{csaprov|2(b)}} it must be made “on or promptly following a {{csaprov|Valuation Date}}”), a party may demand a {{csaprov|Transfer}} under para {{csaprov|2(a)}} (for a {{csaprov|Delivery Amount}}) or {{csaprov|2(b)}} (for a {{csaprov|Return Amount}}).
+*'''Demand Date''': On any date, be it a {{{{{1}}}prov|Local Business Day}} or not, (call it a “'''Demand Date'''”, but note per {{{{{1}}}prov|2(a)}} or {{{{{1}}}prov|2(b)}} it must be made “on or promptly following a {{{{{1}}}prov|Valuation Date}}”), a party may demand a {{{{{1}}}prov|Transfer}} under para {{{{{1}}}prov|2(a)}} (for a {{{{{1}}}prov|Delivery Amount}}) or {{{{{1}}}prov|2(b)}} (for a {{{{{1}}}prov|Return Amount}}).
-*'''{{csaprov|Valuation Time}} - {{csaprov|Exposure}}''': The point at which the valuation is made is the {{csaprov|Valuation Time}}. This keys off the {{csaprov|Valuation Date}} (the {{1995csa}} allows you to choose either [[COB]] on the {{csaprov|Valuation Date}} or the {{csaprov|Local Business Day}} immediately ''before'' the {{csaprov|Valuation Date}}), and therefore not necessarily the {{csaprov|Demand Date}}.
+*'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Exposure}}''': The point at which the valuation is made is the {{{{{1}}}prov|Valuation Time}}. This keys off the {{{{{1}}}prov|Valuation Date}} (the {{{{{1}}}}} allows you to choose either [[COB]] on the {{{{{1}}}prov|Valuation Date}} or the {{{{{1}}}prov|Local Business Day}} immediately ''before'' the {{{{{1}}}prov|Valuation Date}}), and therefore not necessarily the {{{{{1}}}prov|Demand Date}}.
-*'''{{csaprov|Valuation Time}} - {{csaprov|Eligible Credit Support}}''': Per para {{csaprov|2(a)}} the Transferor will transfer {{csaprov|Eligible Credit Support}} having a {{csaprov|Value}} equal to the {{csaprov|Delivery Amount}} ''as of the date of transfer'' — i.e., the {{csaprov|Settlement Day}}. Under the {{csaprov|Calculations}} provision all calculations of {{csaprov|Value}} happen at the relevant {{csaprov|Valuation Time}}. Fluctuations in value in the credit support actually delivered  after that time won't invalidate the transfer amount, but they may mean a party can immediately call for more {{csaprov|Credit Support}} (that is have another {{csaprov|Demand Date}}).
+*'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Eligible Credit Support}}''': Per para {{{{{1}}}prov|2(a)}} the Transferor will transfer {{{{{1}}}prov|Eligible Credit Support}} having a {{{{{1}}}prov|Value}} equal to the {{{{{1}}}prov|Delivery Amount}} ''as of the date of transfer'' — i.e., the {{{{{1}}}prov|Settlement Day}}. Under the {{{{{1}}}prov|Calculations}} provision all calculations of {{{{{1}}}prov|Value}} happen at the relevant {{{{{1}}}prov|Valuation Time}}. Fluctuations in value in the credit support actually delivered  after that time won't invalidate the transfer amount, but they may mean a party can immediately call for more {{{{{1}}}prov|Credit Support}} (that is have another {{{{{1}}}prov|Demand Date}}).
-*'''{{csaprov|Transfer Date}}''': Under para {{csaprov|3(a)}} ({{csaprov|Transfers}}) if the demand is received ''before'' the {{csaprov|Notification Time}} (by default, 1pm London time on a {{csaprov|Local Business Day}}) on that {{csaprov|Demand Date}}, the transfer will be made not later than close of business on the related {{csaprov|Settlement Day}}. If received ''after'' the {{csaprov|Notification Time}}, or at any time on a {{csaprov|Demand Date}} that isn’t a {{csaprov|Local Business Day}}), the transfer must be made by close of business on the {{csaprov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{csaprov|Local Business Day}}) after the {{csaprov|Demand Date}}.
+*'''{{{{{1}}}prov|Transfer Date}}''': Under para {{{{{1}}}prov|3(a)}} ({{{{{1}}}prov|Transfers}}) if the demand is received ''before'' the {{{{{1}}}prov|Notification Time}} (by default, 1pm London time on a {{{{{1}}}prov|Local Business Day}}) on that {{{{{1}}}prov|Demand Date}}, the transfer will be made not later than close of business on the related {{{{{1}}}prov|Settlement Day}}. If received ''after'' the {{{{{1}}}prov|Notification Time}}, or at any time on a {{{{{1}}}prov|Demand Date}} that isn’t a {{{{{1}}}prov|Local Business Day}}), the transfer must be made by close of business on the {{{{{1}}}prov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{{{{1}}}prov|Local Business Day}}) after the {{{{{1}}}prov|Demand Date}}.
-*'''{{csaprov|Settlement Day}}''': The {{csaprov|Settlement Day}} for ''any'' day (whether or not it is a {{csaprov|Local Business Day}}) is:
+*'''{{{{{1}}}prov|Settlement Day}}''': The {{{{{1}}}prov|Settlement Day}} for ''any'' day (whether or not it is a {{{{{1}}}prov|Local Business Day}}) is:
-**'''Cash''': for cash, the next {{csaprov|Local Business Day}} and,
+**'''Cash''': for cash, the next {{{{{1}}}prov|Local Business Day}} and,
-**'''Securities''': for securities, the {{csaprov|Local Business Day}} after the date on which a trade in the relevant security, if effected on the day in question, would have been settled in accordance with customary practice.
+**'''Securities''': for securities, the {{{{{1}}}prov|Local Business Day}} after the date on which a trade in the relevant security, if effected on the day in question, would have been settled in accordance with customary practice.
 ===Questions===