zedman

The title of the recent FT article " Securities lending and its many functions " nicely captures the essence of modern securities lending.  The article focuses on the on-going debate between physical and synthetic ETFs (hilariously and accurately described as a "playground squabble"), but also mentions short selling, fee spits, collateral and regulations.  All in less than 1,000 words.  Impressive and very well done.   The FT isn't always so well balanced in its coverage of securities lending... Read Full Story

I read a blog post tonight and was going to just comment on the blog, but instead I thought I would turn it into a post of my own.  The author of " An old world for Stock Borrowing and Lending ", Gary Wright is a securities industry veteran and I usually find his views interesting and thoughtful.  This time however, I have to disagree with him. In Gary's article he suggests that the ESMA regulations and short selling and securities lending "appear to me [Gary] to be an admission that the... Read Full Story

The debate continues on the Financial Transaction Tax.  The guest author today examines the comments from "Mr Financial Transaction Tax" at the EU.  Philip Martin is the former co-head of global tax at Nomura and is now providing investment banking tax services via his company  Henleydown Consulting Limited.   You can reach Philip at henleydown@btinternet.com Last week Manfred Bergman the director of indirect taxation and administration at the European Commission released a video to explain... Read Full Story

Just a quick note to give you a few updates: Consob, the Italian regulators have extended their short selling ban on banks and insurers until 24 February.   I'm appearing on the N@ked Shorts Club (Resonance FM online and 014.4FM in London) on Monday 16th January.  Hosted by the good Dr Stu, his guests Monday include Dr Chris Jones - CIO, Key Asset Management; Daniel Page, MD, Cornerman; Matthew Robers, Towers Watson; Margie Lindsay, Editor, Hedge Funds Review; Joe Seet, Senior Partner... Read Full Story

The International Securities Lending Association (" ISLA ") and FinTuition have been running a one day introductory securities lending course for the past 18 months across Europe.  We have taught the course in Amsterdam, Frankfurt, London, Stockholm and Zurich with over 150 people in attendance. We continually update the " Introduction to Securities Lending " course with current data and commentary on important trends and we are back for 2012.  We start the programme again in 2012 on 24... Read Full Story

The last poll showed very clearly that the majority of readers believe that regulators or regulations will have the biggest impact on securities lending and repo in 2012.  Now I'd like to do a deep dive into this key subject.  I have listed below five different regulators or regulations that might impact the business in 2012.  I would also invite you to send me an email of any other important rule or regulator that may impact the business that I haven't already listed.  Once the poll closes... Read Full Story

I am curious as to what you think the key question facting the industry for 2012.  Please take the poll and give me your comments.  Remember, I am not looking for an answer here, just which topic sets next year's agenda?  You can also send me private comments at roy@stocklendingtoday.com The answers will set the basis for future blogs and other polls. What is the Key Question for Securities Finance in 2012? Read Full Story

Yesterday the Financial Supervisory Commission in Taiwan apparently introduced restrictions on short selling activity.  Previously, short selling was capped at 3 percent of a company's outstanding shares and the new restriction is 20% of the previous 30 day trading average.  I haven't worked out the maths yet, but presumably the FSC believes that short selling volumes will be reduced.  While I have sympathy with regulators that feel the need to do something to protect their markets (or at... Read Full Story

The 2011 Securities Lending Industry Awards were held last week at the Grange City hotel after the GSL Securities Lending Summit at which I moderated a panel.  My work schedule this year meant that I wasn't involved with the Awards process at all, so I was as curious as everyone else as to who the winners would be. You can see the full range of categories and winners at the Awards page , but I have summarised the winning firms and individuals below.  Congratulations to all nominees and... Read Full Story

I gave a presentation providing an overview and update on central counterparty for securities lending on Thursday at the GSL Dutch Securities Lending Summit in Amsterdam.  You can access the slides on the link below.  Of course, these are just slides, so thereal story is in the surrounding commentary and discussions.  My CCP whitepaper co-author, Andrew Howieson and I are always interested in discussing the subject with interested parties.  My sense is that we are at a crossroads with CCP... Read Full Story