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Note - after the [[Basel III]] reforms, it has become expensive for [[broker]]s to post (haircutted) {{tag|collateral}} by [[title transfer]] because they pick up [[LRD]] exposure to the Lender for the return of excess {{tag|collateral}} - becuase they are an unsecured creditor, see? Many are moving to a [[pledge GMSLA]] for agent lending arrangements (ithe pledge GMSLA only makes commercial sense for a {{gmslaprov|Lender}} (like an [[agent lender]] who has no need to [[reuse]] the collateral) | Note - after the [[Basel III]] reforms, it has become expensive for [[broker]]s to post (haircutted) {{tag|collateral}} by [[title transfer]] because they pick up [[LRD]] exposure to the Lender for the return of excess {{tag|collateral}} - becuase they are an unsecured creditor, see? Many are moving to a [[pledge GMSLA]] for agent lending arrangements (ithe pledge GMSLA only makes commercial sense for a {{gmslaprov|Lender}} (like an [[agent lender]] who has no need to [[reuse]] the collateral) | ||
{{ | {{sa}} | ||
*[[Agent lending]] | *[[Agent lending]] | ||
*[[Pledge GMSLA]] | *[[Pledge GMSLA]] |