Repo stay extension raises questions for buy side

Resolution stays extended to repo and securities lending contracts

People in a contract negotiation
Isda's stay protocol may create added risk for dealers

Buy-siders will have to re-examine whether indemnification policies with their agent lenders are strong enough, after the extension of an International Swaps and Derivatives Association termination rights protocol to include securities lending and repos.

Twenty-one global systemically important banks (G-Sibs) adopted a revised version of Isda's Resolution Stay Protocol on November 12 that includes resolution stays for securities financing transactions.

By signing up to the protocol, banks accept

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