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      "text": "This strategy would prevent significant disruptions to clients holding cash or securities in accounts at GSI, and would give it the flexibility to execute asset sales and derivative unwinds at a pace that would avoid fire-sales or recourse to emergency government facilities.",
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      "text": "The CLSA requires Funding IHC, both before and after a Group Inc. bankruptcy filing, to provide GSI with sufficient capital to meet its applicable capital requirements plus an operating buffer, and sufficient liquidity to meet its intraday liquidity requirements and prevent a payment default. This would allow GSI, under our preferred resolution strategy, to remain out of proceedings while it winds itself down in an orderly manner over time. After Group Inc. enters bankruptcy proceedings, GSI would cease to solicit new business, but would retain the operational functionality needed to dispose of its assets and hedge its remaining risk positions. Because of the steps we have taken, it would continue to have access to both shared services and FMUs throughout the resolution process. This strategy would prevent significant disruptions to clients holding cash or securities in accounts at GSI, and would give it the flexibility to execute asset sales and derivative unwinds at a pace that would avoid fire-sales or recourse to emergency government facilities.",
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      "text": "We expect that prime brokerage and other clients of GSI would transfer their positions to alternate third-party providers. All securities inventory would be sold, and derivatives would be unwound either through early terminations, contractual maturities, portfolio sales, novations or bilateral terminations.",
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      "text": "After the market-making and client positions have been wound down, GSI's residual balance sheet would largely be cash, financed by a combination of debt and equity. Our strategy is designed with the goal of having sufficient liquidity and capital to pay GSI's third-party creditors in full, with any remaining amounts ultimately returned to the bankruptcy estate of the parent company.",
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      "text": "Regulatory Status, Incorporation, Primary Regulators, Ownership, Office Location, Activities, Funding Sources, Other Matters",
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