Barclays Capital’s Strax securities lending platform is outstanding in bringing a level of transparency to the process that no other bank can provide. Strax enables custodians and borrowers to view each other’s availability and pricing directly. It seems the main reason others don’t offer such transparency is because this would allow borrowers to see exactly how much spread the bank is adding.
Borrowers appreciate the transparency as it enables them to make a more informed decision based on the perceived likelihood of the lending party calling the securities.
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