| Work on a complex group of transactions known as reverse transactions has been pursued for several years. These transactions take their name from two common characteristics: (i) a commitment to reverse the transaction on a specified future date (or on demand), and (ii) that, although legal ownership is transferred to the purchaser, many of the risks and benefits of ownership remain with the original owner. Reversible transactions include repurchase agreements, securities lending without cash collateral, gold swaps, and gold loans/deposits. |
