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Mastering Securities Lending Documentation by Christian Johnson, Paul Harding

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3

The Global Master Securities Lending Agreement (2000)

As mentioned in Chapter 2 (page 43) the GMSLA 2000 replaces the OSLA, GESLA and MEFISLA if parties want to adhere to it.

When published its aims were:

  • To create an international “one stop” securities lending agreement for all types of bonds and equities.
  • To reflect market rule and practice changes including clearing and settlement arrangements.
  • To produce a Tax Addendum where overseas securities and collateral were involved and one of the parties was UK tax resident. ...

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