Lock, Stock & Barrel: Securities Lending Under the Gun

Securities finance has a new battlefront: two lawsuits alleging anticompetitive behavior in stock lending. At the center of the allegations lies the difficulty of finding actionable price and inventory data for borrowers and lenders alike. Will this litigation lead to more transparency and better borrowing, or just more of the same? Tim Bourgaize Murray explores.

While the particulars of the suit are interesting on their own—and a second complaint alleging similar issues was filed separately this February—they also point to a trend: Greater expectations are coming to stock lending, and the broader family of securities finance functions, including fixed-income repo, margin lending, and other collateralization activities. Whether considering the dearth of neutral venues out there to execute these arrangements, or the unavailability of data about how they

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The Waters Cooler: ’Tis the Season!

Everyone is burned out and tired and wants to just chillax in the warm watching some Securities and Exchange Commission videos on YouTube. No? Just me?

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