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From The Jolly Contrarian
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  • “Flawed Assets” generally
  • What is meant by “payments” and “deliveries”, related conceptual matters, especially as regards “delivery”
  • Modern electronic clearance as a practical control
  • Wry speculation about what should happen if a counterparty changes its address to somewhere stupid, just to annoy everyone.
  • Multiple Transaction Payment Netting — what’s that all about
  • Transaction and collateral flows
  • The curious timing lapse between transaction payments and collateral marks, and the not particularly good reason why they don’t net settle.