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Amwelladmin (talk | contribs) (Created page with "''Don’t say'': ''What’s title transfer?'' If you ''must'' say it, don’t ask five industry associations to get together at once to explain it to you. {{clearing system liens}} {{Csa title transfer vs pledge|{{{1}}}}}") |
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If you ''must'' say it, don’t ask [[Media:SFTR-information-statement.pdf|five industry associations to get together at once to explain it]] to you. | If you ''must'' say it, don’t ask [[Media:SFTR-information-statement.pdf|five industry associations to get together at once to explain it]] to you. | ||
===[[Clearing system]] [[lien]]s=== | |||
A little bit of “well, it really ought to go without saying but, hell, you are [[Legal eagle|derivatives lawyers]], so we know that’s not how you roll” drafting. | |||
In these modern, [[Dematerialised|dematerialised]] times, the [[securities]] in a [[clearing system]] — that is, pretty much ''all'' securities — exist only as entries in a ledger maintained by the [[clearing system]]. The individual securities are not security-printed, physical things. <ref>See [[common depositary]] for more information.</ref> | |||
In any case, like all good [[Intermediary|intermediaries]], the [[clearing system]] gets fees from participants for ''being'' a clearing system. To guard against non-payment of these fees, it keeps a [[lien]] on all global securities it holds. | |||
Now all this sits a long way down the stack of turtles that makes up the modern [[Metaphysics|metaphysical]] financial system — almost so deep as to be beyond the paranoid articulations of an [[ISDA ninja]] — but, as you can see, not ''quite''. <br> | |||
{{Csa title transfer vs pledge|{{{1}}}}} | {{Csa title transfer vs pledge|{{{1}}}}} | ||