Template:Nutshell GMSLA Market Value: Difference between revisions

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-{{gmslaprov|Market Value}} means
+'''{{gmslaprov|Market Value}}''' means: <br>
-*'''Cash and LCs''': for {{gmslaprov|Cash}} or any {{gmslaprov|Letter of Credit}}, the relevant face value.
+(a) '''{{gmslaprov|Securities}}''': For {{gmslaprov|Securities}} the mid price [[market quotation]] at {{gmslaprov|Close of Business}} on the previous {{gmslaprov|Business Day}}
-*'''{{gmslaprov|Securities}}''': For {{gmslaprov|Securities}} (and non-cash {{gmslaprov|Collateral}}) the market quotation for the mid price as 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 but unpaid {{gmslaprov|Income}} if not included in such price.
+:(i) published on a reputable information service chosen by the {{gmslaprov|Lender}}; or failing that
+:(ii) derived from a mid price from a [[dealer]] chosen by the {{gmslaprov|Lender}}
-Where the relevant  instruments are trading freely the market quotation will be extracted from a reputable source or dealer chosen by the {{gmslaprov|Lender}}. If they are not the Market Value will be agreed between the {{gmslaprov|Parties}} or, failing that, provided by an mutually acceptable third party dealer or,  if they can't agree on one, the average price 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.
+:(unless either party thinks there’s been an unusual market movement since then, in which case the latest available price) plus:
+:(iii) accrued {{gmslaprov|Income}} if not included in the quote.<br>
+Where the assets in question are not trading freely the {{gmslaprov|Parties}} may agree their {{gmslaprov|Market Value}}. Failing that, they can ask  an mutually acceptable [[dealer]] to quote. If they can’t agree on one of those, they can seek an average of {{gmslaprov|Reference Dealer}} quotations (with a laborious mechanism for figuring our what to include and how to average it). If all else fails the Market Value giving up altogether and falling back on the reasonable determination of the {{gmslaprov|Party}} originally making the determination).<ref>Tiresome, I know.</ref> <br>
+(b) '''{{gmslaprov|Letters of credit}}''': for any {{gmslaprov|Letter of Credit}}, its [[face value]]. <br>
+(c) '''[[Cash]]''': for {{gmslaprov|Cash}} its [[face value]].<br>