Synthetic considerations...

It's a question we've all asked ourselves at some stage or another: if I want to short an instrument, should I use my prime brokers to borrow the instrument itself, or should I enlist derivatives to achieve the same ends through different means? Variety being the spice of life, each person's answer may differ from instrument to instrument and case to case. Sometimes, of course, borrowing the instrument is simply not possible, so derivatives are the only route to take. However some managers p