Template:Nutshell GMSLA Market Value: Difference between revisions
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{{gmslaprov|Market Value}} means | {{gmslaprov|Market Value}} means: | ||
*'''Cash and LCs''': for {{gmslaprov|Cash}} or any {{gmslaprov|Letter of Credit}}, | *'''Cash and LCs''': for {{gmslaprov|Cash}} or any {{gmslaprov|Letter of Credit}}, itsface value. | ||
*'''{{gmslaprov|Securities}}''': For {{gmslaprov|Securities}} | *'''{{gmslaprov|Securities}}''': For {{gmslaprov|Securities}} the mid-price market quotation at {{gmslaprov|Close of Business}} on the previous {{gmslaprov|Business Day}} (unless either party thinks there's been an unusual market movement since then, in which case the latest available price) plus accrued {{gmslaprov|Income}} if not included in the quote. | ||
Where the relevant instruments are trading freely | Where the relevant instruments are not trading freely the {{gmslaprov|Market Value}} will be agreed between the {{gmslaprov|Parties}}. If they can't agree, it will be provided by an mutually acceptable third party dealer. If they can't agree on that, it will be an average of certain {{gmslaprov|Reference Dealer}} quotations (with a laborious mechanism for figuring our what to include and how to average it, eventually giving up altogether and falling back on the reasonable determination of the Party making the determination in question). | ||
Tiresome, I know. | |||
Revision as of 14:22, 2 February 2016
Market Value means:
- Cash and LCs: for Cash or any Letter of Credit, itsface value.
- Securities: For Securities the mid-price market quotation at Close of Business on the previous Business Day (unless either party thinks there's been an unusual market movement since then, in which case the latest available price) plus accrued Income if not included in the quote.
Where the relevant instruments are not trading freely the Market Value will be agreed between the Parties. If they can't agree, it will be provided by an mutually acceptable third party dealer. If they can't agree on that, it will be an average of certain Reference Dealer quotations (with a laborious mechanism for figuring our what to include and how to average it, eventually giving up altogether and falling back on the reasonable determination of the Party making the determination in question).
Tiresome, I know.