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When securities have to be valued following a termination for default of a repo on Global Master Repurchase Agreement (GMRA) terms, the fall-back valuation basis is a determination by the non-Defaulting Party (NDP) of the “fair market value” of the securities. Two recent cases arising from the 2008 crash have demonstrated that a fair market value can be determined by reference to pricing indicators in a distressed and illiquid market, that fair market value is not an objective standard but a matter to be determined by the non-Defaulting Party in its discretion and that the court will interfere only if that determination is irrational or perverse.
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