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On the edge - Turkey's securities lending market set for expansion
11 July 2011
Global Investor/isf Turkish Securities Finance Masterclass found Europe’s most Easterly market on the verge of an expansion of securities lending
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Turkey
Masterclass
It was the first event that Global Investor/isf has ever held in Turkey but it attracted visitor numbers equalling any other of the Securities Finance Masterclass series three.
Andy Krangel, senior product development manager, Citi, got proceedings underway with a refresher guide to securities lending, working through examples of cash and non-cash stock loan arrangements. He spoke to existing and potential participants of the undeveloped Turkish securities lending market about the benefits of lending – extra revenue that can cover custody fees and diversification of revenue sources – and borrowing such as avoiding settlement failure and covering short trading positions. He also pointed out to the many regulators and officials in the audience the wider benefits of settlement efficiency, confidence in trading and improved market liquidity. He said the supply of securities was stable, noting that sovereign wealth funds are increasingly important in the market, but lending volumes were...
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