證券借貸市場如何運作？
在進行一些研究後，文獻表明“大多數”證券借貸發生在場外交易（OTC），而不是證券交易，後者主要通過集中式電子交易所完成。
- OTC 證券借貸有哪些替代方案？有沒有任何類型的證券借貸電子市場？
- 借款人如何尋找貸款人？例如，假設我想藉入 A 公司的 100 萬股股票。如何找到擁有 A 公司 100 萬股股票的投資基金？
我在網上找到了很多資源，包括這份詳細的IOSCO 文件
$$ PDF $$. 然而，沒有人談論貸款人和借款人如何匹配的過程。 3. 另外，定價/貸款費用是如何確定的？在電子市場上進行證券交易時，定價是按市值計價的。即使在場外證券交易中，定價也可以根據更廣泛的市場活動來確定。 4. If there is no “market” for securities lending how do you structure the pricing? For example, let’s say a mutual fund loans a million shares of company A to a hedge fund with a fee of 1%. How is the mutual fund sure it found a competitive fee? Maybe there is another hedge fund that would have agreed to 1.1%.
I would appreciate if anyone with experience in security lending could shed some light, or provide some reading materials/resources.
there is a big, well established market for security lending. Anyone with significant holdings will place the large dealers in competition for the lending of their securities.
Smaller companies will use their prime broker and usually have several in competition. These prime brokers will compete on overall pricing including financing of long and short positions.
There are on-line services like LoanNet that securities lending groups will use in a more exchange like way. These transactions will be visible on LendingPit where you can see these rates.
It is important to realize that few people (especially end-users) focus on one specific securities loan. Instead , securities lending is bid on as part of a general financing package. For example, a hedge fund will approach a dealer and show them their portfolio of long and short securities. The dealer will give them pricing based on the whole.
My experience in fixed income securities financing suggests the financing market is often just bilaterally negotiated if there isn’t collateral that can be borrowed against in the money market. Of course, this varies by asset.
Keep in mind structures such as repo, CEF preferreds/VRDPs, TOBs (US munis) and margin lending all generally have some form of price discovery and price close to cash rates.
For specifically equities, some information on hard-to-borrow rates may be implied from option pricing (e.g., if there is a HTB cost on assignment on a put, the market will price that in).Theoretical option pricing only works iff one can finance an exercise at the risk free rate (which is often not the case in practice). You could also look at CEFs holding equities to see where leverage on the collateral was priced.
與任何交易一樣，您的價格發現是市場形式和基礎工具流動性的一個組成部分。定價是創造性地使用可用數據生成參考的產物。如果您要問場外股票借貸的定價方式，答案是您幾乎受對手的擺佈。如果你正在為 T 融資，那麼你有來自回購市場的非常好的數據。
簡而言之，這取決於。銀行的存在是為了發揮中間人的作用。