TY - JOUR T1 - Scope and Dynamics of the Securities Lending Industry JF - The Journal of Portfolio Management SP - 61 LP - 75 DO - 10.3905/jpm.2002.319864 VL - 29 IS - 1 AU - Don R Rich AU - Jason A. Moore Y1 - 2002/10/31 UR - https://pm-research.com/content/29/1/61.abstract N2 - Prime brokers understand the importance of the securities lending industry in providing liquidity to markets, but most other participants view it simply as a source of incremental income for long-term investors. In fact, securities lending is a fundamental component of the short-selling market, and the income from lending is not trivial. This description of the very important securities lending industry provides the first in-depth exploration of the behavior of daily lending transactions in 24 countries for a two-year period in 2000–2002. The analysis includes cash and non-cash loans of equity securities and non-equity securities, such as corporate debt, government/sovereign debt, and agency debt. ER -