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Mastering Securities Lending Documentation by Christian Johnson, Paul Harding

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Preface

When Christian and I were writing this course we wondered whether to start with the master agreements or the market. It reminded us of the traveller arriving in the square of an Irish village and seeing two hotels opposite each other. So he asks a local which one he should stay at. ‘Ah well’, he replied, ‘whichever one you choose you’ll wish you had stayed at the other.’ We are starting with the market.

Securities lending is a significant global business with a current estimated volume of US$ 2.5 trillion (US$ 2,500 billion). It is also a fully collateralised business with most loans on an open or on demand basis. In the USA cash collateral is most often taken for securities loans; in Europe non-cash collateral predominates.

In this ...

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