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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Lendable supply and utilisation؟

يُعرف أيضًا باسم: lendable supply · utilisation

Definition 16.1 Markets I: The Ecosystem and Exchange-Traded Markets · الفصل 16 — Stock Loan and Short Selling in Practice

The lendable supply of a security is the quantity that its owners have made available to lend through their agents. Utilisation is the fraction of it currently on loan.

The lending chain. The buyer at the end is a full owner, entitled to vote, to receive dividends and to lend the shares again. The original owner holds a claim on its borrower, receives a payment in lieu of each dividend, and can recall.
Figure 16.1. The lending chain. The buyer at the end is a full owner, entitled to vote, to receive dividends and to lend the shares again. The original owner holds a claim on its borrower, receives a payment in lieu of each dividend, and can recall.

أمثلة

Example 16.5 (Right, and unprofitable)

A thesis worth a 25% fall has T∗=225T^* = 225 days at a fee of 40% and 112 days at 80%. Figure 16.3 follows a short of 100 000 shares at $40 over a simulated year in which utilisation climbs from 60% to 99%. The stock first rises to $53.52 on day 94, a loss of $1.36 million. On day 190 it is at $31.20 and the position is $789 000 ahead. By day 250 the stock has recovered to $38.36, still below the entry, and the borrow has cost $399 000, three quarters of it in the last sixty days: the trade has lost $235 000.

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