Template:Gmsla equivalence

Techy linguistic aside: Now here’s a funny thing. In the 2000 GMSLA, there were four defined terms relating to the Securities and Collateral that pass between the parties to a stock loan, all of them nouns:

• Securities
• Collateral
• Equivalent Securities
• Equivalent Collateral

Under the 2010 GMSLA, by contrast, there are just three; two shorter nouns and an adjective:

• Securities
• Collateral
• Equivalent

This means you can move from the utterly tiring “Securities, Collateral, or Equivalent Securities or Equivalent Collateral” on the 2000 GMSLA to the less offensive “Securities, Collateral or their Equivalents” in the 2010 GMSLA.

Dare I say it: neat drafting, that person.