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[[File:Triparty Diagram.png| | [[File:Triparty Diagram.png|600px|thumb|A triparty agent structure yesterday]] | ||
One who manages a [[tri-party collateral system]]. A [[custodian]] who opens separate accounts in the name of a {{gmslaprov|borrower}} and {{gmslaprov|lender}}, and transfers collateral between them at their joint instruction, in satisfaction of [[margin]] obligations under a separate [[master agreement]]. | One who manages a [[tri-party collateral system]]. A [[custodian]] who opens separate accounts in the name of a {{gmslaprov|borrower}} and {{gmslaprov|lender}}, and transfers collateral between them at their joint instruction, in satisfaction of [[margin]] obligations under a separate [[master agreement]]. | ||