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Out of the Dark Ages

Upstart firms crusade for modernized securities lending

Clearing Quarterly and Directory, March 19, 2008

Gregory Bresiger

Securities lending must escape the Dark Ages and follow the same path of electronic change once undertaken in the world of over-the-counter equity trading. That's what advocates of various electronic lending platforms argue. Their complaint is that securities lending is an opaque business that doesn't allow participants to accurately gauge supply and demand for a security. Consequently, they say, lenders and borrowers stumble around in the dark because the system is dealer-dominated and inefficient.

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