Template:M summ 1995 CSA Value

“Base Currency Equivalent of bid price”

It is not unknown to amend limb (ii) to include "the Base Currency Equivalent of the bid price obtained by the Valuation Agent multiplied by the nominal amount of such security".

This is presumably to cater for the pedantic argument — just the sort of argument that a diligent legal eagle with nothing better to do loves to run — that a “bid price” could be a percentage figure of a nominal amount, instead of a cash value, and this might upset the calculation. I mean, really.

But even if a “price” isn’t necessarily a cash amount — to be sure, trading folk do talk that way sometimes, even if most sensible working folk don’t — the idea of the “Base Currency Equivalent” of that price certainly turns it into one. You can’t exactly have “USD 86%”, can you? And if the Eligible Credit Support includes collateral other than cash or debt instruments (e.g., equities), reference to a nominal amount multiplier is potentially confusing.