In the past, prior to the financial crisis, resistance to transparency in the securities finance business has been a security blanket in which many of the industry’s stakeholders have rationalized ineffective controls and lack of scrutiny. Today, this security blanket has been removed from play, leading to increased responsibilities for those in whose name securities lending and borrowing is undertaken.

In this new white paper, we reflect on the benefits and responsibilities that transparency brings to all parties affected by securities lending activity: the issuer, the beneficial owner, the fund manager, the lending agent, the broker/dealer and prime broker, and the hedge fund. We also consider the impact on those not directly in the market, such as industry associations, regulators, the public and data providers.

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