So according to ANZ all Opes transactions were Securities Lending? So why have all the documentation on Equities Financing if is was not possible to have this arrangement?
It's laughable to foresee how the lawyers will try and argue their way out of this one.
I think what has happened is that all along Opes (and ANZ) have intended for these to be Margin lending arragements which is consistent with every action all parties took in the 4 years. Then when things went pear shaped they tried to find a way out. They looked at the client agreements and due to their abysmall drafting have either misunderstood themselves or thought they could get away with claiming they stood for something else in court.
So according to ANZ all Opes transactions were Securities...
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