Securities lending by asset managers facing scrutiny

FSB concerns about regulatory arbitrage might prove tricky for the likes of BlackRock

Dollar magnified
Under observation: securities lending practices are the subject of regulatory attention

Much of the post-crisis debate over systemic risks in the asset management sector has focused on the prospect of a ‘run’ from a mutual fund. Some regulators have argued the inability of an asset manager to meet investors’ redemption requests could create broader problems in the financial markets.

An area that has so far attracted less scrutiny is asset managers’ involvement in securities lending – the practice of transferring ownership of shares or bonds from a portfolio to a borrower on a

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Asset-liability management: Special report 2023

There is nothing new about the dynamics behind the ALM banking crisis of earlier this year: maturity transformation, liquidity risk and interest rate risk are at the heart of the traditional banking business model. But these old threats have been given…

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