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Glossary entry

French term or phrase:

titres pris en pension livrée

English translation:

repurchase agreements/repos

Added to glossary by Stephanie Mitchel
Apr 1, 2010 15:16
14 yrs ago
9 viewers *
French term

titres pris en pension livrée

French to English Bus/Financial Investment / Securities fund prospectus
Hello all, I understand this has to do with redemption of shares but cannot figure out what a 'pension livrée' is. It's in a line item in this venture capital fund prospectus. "Titres pris en pension livrée" is under the heading "Valeurs boursières des titres faisant l'objet d'une transaction temporaire." Thanks for any help you can provide.
Proposed translations (English)
4 +2 repurchase agreements/repos
4 delivery repos
References
Depending on how much detail you need, y...

Proposed translations

+2
8 mins
Selected

repurchase agreements/repos

This is not to do with redemption of shares, but of the temporary sale/lending and borrowing of securities under what are known as repurchase agreements, or "repos" for short.

A "prise en pension livrée" is usually a repo, whereas a "mise en pension" is a reverse repo.

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Note added at 9 mins (2010-04-01 15:26:33 GMT)
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See http://www.vernimmen.com/html/glossary/definition_repo_repur...

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Note added at 10 mins (2010-04-01 15:27:26 GMT)
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http://www.vernimmen.net/html/glossaire/definition_pension_l...

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Note added at 11 mins (2010-04-01 15:28:15 GMT)
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Note that this question has been asked before: http://www.proz.com/kudoz/french_to_english/finance_general/...

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Note added at 13 mins (2010-04-01 15:30:15 GMT)
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I would suggest your heading would be "Securities held under repurchase agreements".
Peer comment(s):
agree Daniel Weston
10 mins
Thanks, Daniel
agree joehlindsay : Yes, I think this was asked recently before.
1 day 3 hrs
Thanks, Joe
agree rkillings : with 'repurchase agreements', which can involve any securities. The term 'repo' is used *exclusively* for central-bank-eligible government debt securities. Avoid unless you know it to be the case.
1 day 5 hrs
Quite right - thanks for pointing out the difference
disagree wfarkas (X) : Translating « titres pris en pension LIVRÉE » simply by « repurchase agreements/repos » is not quite appropriate.For further explanation, see my comment below.
2 days 5 hrs
Technically you're right, but the distinction is most often left unstated in English, unless it's critical to an understanding of the text (e.g. if delivery repos are being compared with HIC repos)
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4 KudoZ points awarded for this answer. Comment: "Right, thanks Rob."
2 days 2 hrs

delivery repos

Repo transactions with specific securities delivered against payment.

As opposed to:
(a) hold-in-custody ("HIC") repos (i.e. securities remain in the Dealer's account, subject to a security interest granted by the Dealer in favor of the investor), or (b) tri-party repos (i.e. a clearing bank acts as custodian for the dealer and investor, and securities movements are controlled by the bank).

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Note added at 2 days5 hrs (2010-04-03 21:07:59 GMT)
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In terms of lending risk, there is a material difference between «titres pris en pension LIVRÉE » (= delivery repos) and « titres pris en pension » (repos).If the Lender does not take possession of the collateral security, against which it makes funds available, i.e. if the collateral is simply pledged without physical delivery, then the borrower could turn around and borrow more funds from another lender/other lenders using the same collateral.
Therefore, it is important in the subject instance to ensure that the translation specifies that the repos in question are "with delivery" of the underlying collateral.
Reference:

http://www.sec.gov/rules/concept/s71502/hassell1.htm

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Reference comments

24 mins
Reference:

Depending on how much detail you need, you might find the link below helpful
Reference:

http://www.frb.co.uk/cgi-bin/dmr5?access=&runprog=frb/frb_pages&mode=disp&fragment=1998_02_087

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