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Template:Delegate vs subcontractor: Difference between revisions
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====The difference betwixt==== | ====The difference betwixt==== | ||
[[File:Depositary delegation.png|thumb|right|When a [[depositary]] ''[[delegation|delegates]]'' its safe-keeping function. It remains responsible for it, but is not in the [[custody chain]].]] | |||
[[File:Depositary subcontracting.png|thumb|If a [[depositary]] [[sub-contract]]s its safe-keeping function. The depositary stays in the [[custody chain]]. This is not so appealing for a [[prime broker]] with designs on [[security]] and [[rehypothecation]].]] | |||
Delegation, according to a natural definition, means “to entrust (a task or responsibility) to another person, typically one who is less senior than oneself.”<ref>{{google2|Define|Delegation}}</ref>. So: | Delegation, according to a natural definition, means “to entrust (a task or responsibility) to another person, typically one who is less senior than oneself.”<ref>{{google2|Define|Delegation}}</ref>. So: | ||
:''Dear Sir/Madam: Let me introduce you to my glamorous assistant, Igor, who will carry out this work for you under my supervision. while your day-to-day interaction will be with Igor, I remain your loyal servant, and shall be answerable to you for Igor’s timely and competent performance.'' | :''Dear Sir/Madam: Let me introduce you to my glamorous assistant, Igor, who will carry out this work for you under my supervision. while your day-to-day interaction will be with Igor, I remain your loyal servant, and shall be answerable to you for Igor’s timely and competent performance.'' | ||