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Mastering Securities Lending Documentation: A Practical Guide To The Main European And Us Master Securities Lending Agreements, Christian Johnson, Paul Harding
Mastering Securities Lending Documentation: A Practical Guide To The Main European And Us Master Securities Lending Agreements, Christian Johnson, Paul Harding
Christian A. Johnson
Securities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies.
Exigent And Unusual Circumstances: The Federal Reserve And The Financial Crisis, Christian Johnson
Exigent And Unusual Circumstances: The Federal Reserve And The Financial Crisis, Christian Johnson
Christian A. Johnson
The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused clause in the Federal Reserve Act. Such efforts effectively doubled the size of the Federal Reserve’s balance sheet. This expansion of authority exercised by the Federal Reserve not only has significance in today's financial crisis but also sets a precedent for future Federal Reserve actions. The Federal Reserve has relied on Section 13(3) to authorize its controversial lending …