Template:M comp disc Pledge GMSLA 11.3

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Patient observers will note that the 2018 Pledge GMSLA version is quite a lot shorter. This is because there’s no need for AET — being a pledge construct it doesn’t rely on netting in the first place — and all that malarkey about the valuation of Equivalent Collateral is a bit otiose too. Also no faffing around with letters of credit.