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FINANCIAL MARKET COURSES

Securities Lending – An Introduction

A securities loan involves the temporary transfer of securities by one party, the lender, to another, the borrower. Securities lending is a global business that is important not only in its own right, but also provides liquidity and serves to improve the functioning of securities markets as a whole.

 

This course looks at the fundamental principles of securities lending, including the parties involved in a securities loan, the actual lending process, and any associated risks. The history and development of the market is also discussed in detail.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the key elements of a securities lending transaction

    Explain the role of the main players in a securities loan

    Describe the development of the securities lending market from the 1960s to the present day

    Outline the typical steps involved in a securities loan

  • COURSE OUTLINE

    Topic 1: Overview of Securities Lending

    What is Securities Lending?

    o Types of Securities Loaned

    o Equivalent Securities

    o Rental Fee

    o Rebate Rate

    Ownership Title

    o Beneficial Ownership

    o Manufacturing Dividends

    o Voting Rights

    Role of Agents/Intermediaries

    Example of a Securities Loan

    Securities Loans Vs Repos

    New Regulatory Framework

    Topic 2: Market Participants

    Securities Lenders (Beneficial Owners)

    Securities Borrowers

    Lending Agents

    International Securities Lending Association

    Topic 3: Market Development

    Growth and Development of the Securities Lending Market

    Securities Lending and the Financial Crisis

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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