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ISLA Supplement Profiles: Greece
22 July 2010
The securities lending market in Greece has been operating under restrictions that prevents lending on an offshore basis
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securities lending
Greece
The securities lending market in Greece has been operating under restrictions that prevents lending on an offshore basis. Lending has been only possible if channelled through a local exchange member, thus preventing brokers, for example, in London or New York from lending Greek securities.
The lending community has been in negotiations with the market regulators to review the rules. Andy Krangel, senior product development manager at Citi, which extended its securities lending service to include Greece late last year, said: “We had been involved with other market participants, in negotiations to open up the market. The regulations have been changed to allow OTC lending transactions to be processed, which are now charged a flat fee of €35 per movement. Initially, the proposal was to use a basis point model, but we thought that this would make lending completely uneconomical.”
However, the flat fee imposes its own restrictions on the...
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