Can CCPs provide a port in a storm for securities lending?

Basel III, T+1 and the EquiLend scandal all incentivise clearing, but also disintermediation

They say every cloud has a silver lining. The clouds hanging over securities lending in recent months have been fairly threatening, but participants still see a possible ray of sunshine: greater uptake of central clearing in a corner of the market where it has made little headway to date.

“It would make a massive difference,” says Kyle Ringrose, founder of investment consultant Athena IOC, and former investment operations manager at a large Australian superannuation fund.

First up to rain on the

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