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titres pris en pension livrée

English translation: repurchase agreements/repos

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:titres pris en pension livrée
English translation:repurchase agreements/repos
Entered by: Stephanie Mitchel

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
United States
Local time: 03:47
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: 08:47
Grading comment
Right, thanks Rob.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +2repurchase agreements/repos
Rob Grayson
4delivery repos
wfarkas (X)
Summary of reference entries provided
Rebecca Davis

  

Answers


8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
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.

--------------------------------------------------
Note added at 9 mins (2010-04-01 15:26:33 GMT)
--------------------------------------------------

See http://www.vernimmen.com/html/glossary/definition_repo_repur...

--------------------------------------------------
Note added at 10 mins (2010-04-01 15:27:26 GMT)
--------------------------------------------------

http://www.vernimmen.net/html/glossaire/definition_pension_l...

--------------------------------------------------
Note added at 11 mins (2010-04-01 15:28:15 GMT)
--------------------------------------------------

Note that this question has been asked before: http://www.proz.com/kudoz/french_to_english/finance_general/...

--------------------------------------------------
Note added at 13 mins (2010-04-01 15:30:15 GMT)
--------------------------------------------------

I would suggest your heading would be "Securities held under repurchase agreements".

Rob Grayson
United Kingdom
Local time: 08:47
Specializes in field
Native speaker of: English
PRO pts in category: 62
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 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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2 days 2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
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
wfarkas (X)
Canada
Local time: 03:47
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in FrenchFrench
PRO pts in category: 4
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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: 30
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