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

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  • Van Der Struik, Roelof

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.

Suggested Citation

  • Van Der Struik, Roelof, 2015. "Securities lending as part of responsible and risk-averse asset management," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 7(3), pages 234-241, March.
    • Handle: RePEc:aza:jsoc00:y:2015:v:7:i:3:p:234-241
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    More about this item

    Keywords

    securities; lending; ESG; responsible; voting; short; selling; PGGM;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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