Shorter observations, contextual commentary, and timely perspectives on developments within the stock loan and securities lending market.
Focus
We’re seeing a continued push toward platforms and data products around securities finance — not because everyone loves modernization, but because the market is tired of fragmentation. EquiLend’s own public updates around revenue, balances, and product distribution are part of that momentum. The point isn’t that platforms will
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Europe’s SFTR framework is explicit about reporting, access, aggregation, and publication - but anyone who has lived through reporting regimes knows that adding data is not the same as improving understanding. The first phase of any transparency regime tends to produce: * inconsistent mapping * interpretation disputes * operational pain * dashboards that
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The SEC pushed out compliance dates for both securities lending reporting (Rule 10c-1a) and short position/short activity reporting (Rule 13f-2) with a two-year extension discussed publicly in December 2025. Some people read that as “the pressure is off.” It isn’t. Delays don’t change the destination. They just
Focus
January numbers look impressive: global securities lending revenue reportedly hit $1.24B (+32% YoY) with balances staying above $4T. The trap is assuming this automatically means “more supply” or “calmer borrow.” In reality, strong headline revenues are often a mix of volatility, fee dispersion, and concentrated specials. When markets swing,
Focus
In many parts of the financial system, speed is the primary advantage. In stock lending, familiarity often matters more. Access to reliable borrow is frequently shaped by established relationships, historical behavior, and perceived reliability. Borrowers who are known quantities tend to experience smoother access, more consistent terms, and greater flexibility
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Lenders are often described as passive suppliers of credit, mechanically responding to demand. In reality, lender behavior tends to follow cycles determined by risk appetite, internal priorities, and market conditions. During periods of calm, credit programs quietly expand. Credit becomes more accessible, terms soften, and flexibility increases. When conditions tighten
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Borrow discussions tend to gravitate toward rates. High fees attract attention, low fees reassure. Yet in practice, the stability of borrow often carries more weight than its price. A position supported by predictable, durable supply can tolerate higher costs far more comfortably than a cheaper borrow exposed to recall risk.
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Public narratives about short positioning tend to form after borrow conditions have already shifted. By the time stress becomes visible in headlines, it has usually been present in the lending market for some time. This lag is structural. Borrow markets react continuously, while public indicators update slowly and selectively. As
Focus
The stress associated with borrowing rarely occurs as a single event. It accumulates as a result of small, often imperceptible changes: gradual rate increases, reduced flexibility, tighter conditions, slower response times to requests. At this stage, positions remain unchanged. Nothing seems to be disrupted. Then, as soon as the threshold
Focus
The stock loan market is full of numbers that look authoritative precisely because they are measurable. Short interest, utilization, and rebate levels are all easy to report, compare, and chart. What is harder to capture - and therefore often ignored - are conditions like recall likelihood, inventory stability, and lender
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Interest rates on loans are often presented as a simple result of supply and demand. This formulation ignores a more decisive factor: control. In many cases, loans are technically available but concentrated. A small number of lenders, departments, or internal books effectively determine pricing. Scarcity matters, but control matters more.
Focus
One of the more uncomfortable realities of the stock loan market is how quickly conditions can shift without leaving a public trace. From the outside, availability often looks stable. Reported metrics barely move, utilization appears unchanged, and nothing in short interest suggests stress. Internally, however, supply decisions can be revised