PT  - JOURNAL ARTICLE
AU  - Don R Rich
AU  - Jason A. Moore
TI  - Scope and Dynamics of the Securities Lending Industry
AID  - 10.3905/jpm.2002.319864
DP  - 2002 Oct 31
TA  - The Journal of Portfolio Management
PG  - 61--75
VI  - 29
IP  - 1
4099  - https://pm-research.com/content/29/1/61.short
4100  - https://pm-research.com/content/29/1/61.full
AB  - 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.