Financial Contract | Client Money Entitlement? | Rationale |
---|---|---|
Financial Contract governing Derivatives transactions: | ||
ISDA (English Law) (no CSA) | No* | |
ISDA (English Law) (with CSA) | No* | |
ISDA (New York Law) (no CSA) | No* | |
ISDA (New York Law) (with CSA) | No* | |
IFEMA | No* | |
DRV (German Derivatives Master) | No* | |
FBF (French Derivatives Master) | No* | |
Financial Contracts governing Financing transactions: | ||
GMRA | No* | |
OSLA | No* | |
GMSLA | No* | |
MEFISLA | No* | |
German SLA | No* | |
AFTI (France) | No* | |
AFTB (France) | No* | |
Financial Contracts governing Prime Brokerage transactions: | ||
MPBA | No* | |
IPBA (pre MiFID) | No* | |
IPBA (post MiFID) | No* | |
MCA (pre and post MiFID) | Yes | |
MIFCA (standard) | Yes | |
MIFCA (no provision for segregation of excess margin) | No* |
* Note however that it is LBIE’s view that a Client Money Entitlement arises in relation to sums specifically segregated on behalf of a client by LBIE prior to 07.56am on 15 September, 2008 and where the sums remained segregated as of this time (notwithstanding that the form of contract may not otherwise provide for a Client Money Entitlement). There may however be some limited instances where a Client Money Claim is determined by LBIE not to arise notwithstanding segregation of sums. In such cases, the relevant clients will be contacted directly by LBIE to explain the rationale for such a determination.
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