Long-form research and analytical work focused on the structure, mechanics, and underlying dynamics of the stock loan and securities lending market.
Research
There is a quiet imbalance building inside modern capital markets, and it rarely makes headlines. It does not come from exotic derivatives or opaque structured products. It comes from something much simpler. Concentrated equity wealth. Over the past decade enormous amounts of personal and institutional wealth have accumulated in relatively
Research
In most discussions about securities based lending the conversation starts with valuation. How much is the stock worth. What is the advance rate. What is the volatility profile. Those questions are important. They are also incomplete. The deeper issue shaping the stock loan market in 2026 is not valuation alone.
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Underwriting in the stock loan market is evolving quietly but decisively. What once centered primarily on loan to value ratios is now expanding into a broader analysis of collateral resilience. The change reflects a maturing industry operating within a more complex capital environment. Beyond Headline Valuation In earlier market cycles
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Over the past eighteen months a subtle but meaningful shift has taken place in the securities based lending market. Non recourse stock loans, once considered a niche product reserved for complex or high risk borrowers, are increasingly being discussed in mainstream wealth management circles. This shift is not accidental. It
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Liquidity Has Changed For years, liquidity for equity holders meant one of three things. Sell shares. Use a margin account. Or pledge assets to a traditional bank. In 2026, that model no longer fully reflects reality. A growing segment of investors, founders, executives and concentrated shareholders are no longer treating
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The securities lending market stands at a defining moment in 2026 - shaped by macroeconomic pressures, infrastructure evolution, regulatory shifts, and shifting patterns of liquidity and demand. While the core mechanics of supply and borrow remain familiar, recent developments across capital markets and financial infrastructure are creating meaningful implications for
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Selecting a stock loan lender is rarely treated as a strategic decision. In many cases, it is framed as a technical choice driven by availability, headline rates, or convenience. That framing is misleading. The lender you work with shapes not only pricing, but reliability, flexibility, and risk over the full
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The stock loan market did not emerge as a fully formed, centralized system. It evolved gradually, shaped less by deliberate design than by a series of practical responses to changing market needs. What exists today is the result of accumulated adaptations, compromises, and incentives layered over decades of market development.
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Short interest is one of the most widely referenced metrics in equity markets. It is frequently used as a proxy for bearish sentiment, positioning pressure, and even potential volatility. Analysts cite it in research notes, commentators reference it in market narratives, and retail participants often treat it as a definitive
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Opacity in the securities lending market is often framed as a technical shortcoming. Market participants, regulators, and commentators regularly describe the lack of transparency as an unfortunate byproduct of legacy infrastructure, fragmented systems, or insufficient reporting standards. In this view, opacity is treated as a problem awaiting a technological or
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The stock loan market is often described as a mature and highly efficient component of modern financial infrastructure. It supports short selling, market making, hedging, and a wide range of relative value strategies. From the outside, its function appears straightforward: securities are lent by long holders to borrowers in exchange
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Preamble In discussions about stock lending and short selling, “borrowing availability” is often viewed as a static or mechanical concept. Market participants typically assume that the supply of borrows is a simple reflection of ownership: if the shares exist, they can be borrowed; if there are institutional holders, the supply