Federal Reserve Bank of New York >
Staff Reports, Federal Reserve Bank of New York >
Please use this identifier to cite or link to this item:
| || |
|Title:||Securities lending |
|Authors:||Lipson, Paul C.|
Sabel, Bradley K.
Keane, Frank M.
|Issue Date:||2012 |
|Series/Report no.:||Staff Report, Federal Reserve Bank of New York 555|
|Abstract:||This paper, originally released in August 1989 as part of a Federal Reserve Bank of New York series on the U.S. securities markets, examines loans of Treasury and agency securities in the domestic market. It highlights some important institutional characteristics of securities loan transactions, in particular the common use of agents to arrange the terms of the loans. While we note that this characteristic sets securities lending apart from most repurchase agreement (repo) transactions, which occur bilaterally between a borrower and a lender, we observe that repo and securities loan transactions ultimately serve the same important economic purpose - to cover short positions used for hedging or arbitrage in related cash markets. The data used here, though largely informal, were provided by knowledgeable market participants.|
|Document Type:||Working Paper|
|Appears in Collections:||Staff Reports, Federal Reserve Bank of New York|
Download bibliographical data as:
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.