Securities lending as part of responsible and risk-averse asset management

Roelof Van Der Struik

Journal of Securities Operations & Custody, 2015, vol. 7, issue 3, 234-241

Abstract: After reading the popular press it would seem crystal clear: securities lending is the personification of evil and should be eradicated at any cost. However, this does not do justice to this securities finance instrument which fulfils an important role in financial markets. In addition, beneficial owners sometimes have doubts whether the returns outweigh the risks and if the role of responsible investor can be reconciled with securities lending. This paper starts with a short introduction to securities lending and the risks associated with the activity. It provides some food for thought on securities lending and responsible equity ownership and the risks inherent in the product and ends with some lessons learned that are essential for a successful lending programme.

Keywords: securities; lending; ESG; responsible; voting; short; selling; PGGM (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2015:v:7:i:3:p:234-241

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