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Securities lending and borrowing framework revised to allow extended tenures, early recall/repayment and AI close-out mechanisms. The circular revises the SLB framework: AIs may set contract tenure up to the permitted maximum; lenders and borrowers may effect early recall or early repayment; AIs must obtain securities and square off or financially close-out on borrower margin default; on early recall the AI will endeavor to borrow for the balance period and may charge the recalling lender the lending fee while the original contract remains until replacement contract execution; on early repayment margins are released on return, AIs will try to onward-lend and pass income to the repaying borrower, and if no replacement borrower is found the original borrower forfeits lending fee for the balance period.
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Securities lending and borrowing framework revised to allow extended tenures, early recall/repayment and AI close-out mechanisms.
The circular revises the SLB framework: AIs may set contract tenure up to the permitted maximum; lenders and borrowers may effect early recall or early repayment; AIs must obtain securities and square off or financially close-out on borrower margin default; on early recall the AI will endeavor to borrow for the balance period and may charge the recalling lender the lending fee while the original contract remains until replacement contract execution; on early repayment margins are released on return, AIs will try to onward-lend and pass income to the repaying borrower, and if no replacement borrower is found the original borrower forfeits lending fee for the balance period.
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