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Template:Nutshell GMSLA Market Value: Difference between revisions
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'''{{gmslaprov|Market Value}}''' means: | |||
:(a) '''Cash and LCs''': for {{gmslaprov|Cash}} or any {{gmslaprov|Letter of Credit}}, its [[face value]]. | :(a) '''Cash and LCs''': for {{gmslaprov|Cash}} or any {{gmslaprov|Letter of Credit}}, its [[face value]]. | ||
:(b) '''{{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. | :(b) '''{{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 not trading freely the {{gmslaprov|Parties}} may agree their {{gmslaprov|Market Value}}. If they can't, it will be provided by an mutually acceptable third party dealer. If they can't agree on one of those, 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 {{gmslaprov|Party}} originally making the determination).<ref>Tiresome, I know.</ref> <br> | |||