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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