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titres pris en pension livrée

English translation: repurchase agreements/repos

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

French term or phrase:	titres pris en pension livrée
English translation:	repurchase agreements/repos
Entered by:	Stephanie Mitchel

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15:16 Apr 1, 2010

French to English translations [PRO]
Bus/Financial - Investment / Securities / fund prospectus

French term or phrase: titres pris en pension livrée

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.

Stephanie Mitchel KudoZ activity Questions: 1528 (4 open) (6 without valid answers) (37 closed without grading) Answers: 162
Local time: 13:28

repurchase agreements/repos

Explanation:
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".

Selected response from:

Rob Grayson
United Kingdom
Local time: 19:28

Grading comment

Right, thanks Rob.
4 KudoZ points were awarded for this answer

Summary of answers provided

4 +2

repurchase agreements/repos

Rob Grayson

delivery repos

xxxwfarkas

Summary of reference entries provided

Rebecca Davis

Answers

8 mins confidence:

peer agreement (net): +2

repurchase agreements/repos

Rob Grayson
United Kingdom
Local time: 19:28
Works in field
Native speaker of:

English
PRO pts in category: 34

Grading comment

Right, thanks Rob.

Peer comments on this answer (and responses from the answerer)

agree

Daniel Weston

10 mins

-> Thanks, Daniel

agree

joehlindsay: Yes, I think this was asked recently before.

1 day3 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 day5 hrs

-> Quite right - thanks for pointing out the difference

disagree

xxxwfarkas: Translating « titres pris en pension LIVRÉE » simply by « repurchase agreements/repos » is not quite appropriate.For further explanation, see my comment below.

2 days5 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)

2 days2 hrs confidence:

delivery repos

Explanation:
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

xxxwfarkas
Canada
Local time: 14:28
Specializes in field
Native speaker of:

English,

French
PRO pts in category: 4

Reference comments

24 mins

Reference

Reference information:
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_pa...

Rebecca Davis
United Kingdom
Specializes in field
Native speaker of: English
PRO pts in category: 16

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titres pris en pension livrée

English translation: repurchase agreements/repos

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English translation: repurchase agreements/repos

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