Abstract
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.
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