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SFT market data – when you try to buy apples, do you have to take apples, oranges, lemons and potatoes?


There’s a great article in Securities Finance Times by Martin Walker and Valarie Thorgerson of Broadridge about SEC Rule 10c-1a (“Transparency works both ways — is 10c-1a the wrong type of transparency?”). But Rule 10c-1a is not the most interesting topic in the article. The real insight is into the integrity of data.

“Different loans for the same security booked at the same time can have significantly different rates for a variety of reasons. These include the credit rating of the lender, the type of collateral provided, the stability of supply … and efficiency of the parties’ operational processes. Context is very important to make sense of market data in an area such as securities lending.”


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