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Repurchase Agreement Italiano

Non classé / No Comment / 11 avril 2021

[1] In Italian, repo is often called « Repo-Vertrag. » The author prefers, however, to avoid translation, because historically, the manual used in Italy coincides with an operation called buy/sell-back in English, perfected by the conclusion of two separate sales contracts, a spot and a forward, linked to an economic restriction. On the other hand, the objective of this work is concluded by a single contract and is by far the most widespread in international markets. In addition, the international system is now widespread in Italy. Other differences between Repo and Sell/Buy Back are analyzed in this document. A detailed discussion can be provided at: Mr Tola, Pronti Contro Dates, Milan, Giuffré, 2013. Chapter II is devoted to the legal and economic structure of rest. First, we analyze the differences in the legal design of the contract, which are structured respectively as a sale in Europe and as a consignment concession for the underlying in the United States (p. 2.1.). As the repo is similar to a secured loan, the treatment also covers what is known as the « guaranteed loan. » « recovery risk, » i.e.

the risk that a judge could recycle a repo, which in all respects implies a transfer of ownership of the securities, such as the granting of a real right of guarantee (paragraph 2.1.1.). Contractual events are then examined in the event of non-performance or insolvency of one of the parties, particularly in the United States, by means of a cost-benefit analysis of the economic functioning of two legislations, namely automatic and safe port, applicable to qualified financial contracts, of which repot is a remarkable example (Para. 2.2.) The document then proposes the traditional taxonomy of the transaction and analyzes the three essential contractual structures that constitute the deposits specific to the specific business needs of the parties (Para. To this end, the chapter examines the « bilateral repurchase » in which counterparties enter into the transaction without an intermediary (para. 2.3.1.), the « tri-part-repo » – in which counterparties are questioned by an intermediary, usually a bank, to facilitate the transaction (paragraph 2.3.2.) and finally the deposit model – in which the seller retains functional control of the securities on a separate account – (paragraph 2.3.3.). The two structures that allow the parties to settle the underlying collateral (general security or special receivables) are then processed and will describe, among other things, the asset classes most used for this purpose on the market (paragraph). 2.4.) The chapter continues with the processing of the main executive contract used in international transactions, the Global Master Repurchase Agreement (GMRA), in light of a cost-benefit analysis of the standardization of financial contracts (p. 2.5.). The chapter concludes with comments on the differences between deposits and bond loans (al. 2.6) and the accounting treatment of the transaction, which informs the full year report. « repo 105, » an accounting/financial instrument used by Lehman Brothers during the last global financial crisis to resolve the critical issues of its conclusion (Para.

2.7.) Deposits can be defined as a contract under which a party transfers a certain amount of securities to a consideration for payment of a specified price. At the same time, the party agrees to repurchase the same amount of agreed-upon maturity securities from the counterparty and to pay a price higher than that received for the first transfer.

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