%0 Journal Article %A Don R Rich %A Jason A. Moore %T Scope and Dynamics of the Securities Lending Industry %D 2002 %R 10.3905/jpm.2002.319864 %J The Journal of Portfolio Management %P 61-75 %V 29 %N 1 %X Prime brokers understand the importance of the securities lending industry in providing liquidity to markets, but most other participants view it simply as a source of incremental income for long-term investors. In fact, securities lending is a fundamental component of the short-selling market, and the income from lending is not trivial. This description of the very important securities lending industry provides the first in-depth exploration of the behavior of daily lending transactions in 24 countries for a two-year period in 2000–2002. The analysis includes cash and non-cash loans of equity securities and non-equity securities, such as corporate debt, government/sovereign debt, and agency debt. %U https://jpm.pm-research.com/content/iijpormgmt/29/1/61.full.pdf