State Street's Financial Digest of Securities Lending and lending-related white papers are offered as part of our commitment to encouraging an ongoing discussion of the theory and practice of securities lending.

Download Adobe Acrobat Reader to view PDF files

Financial Digest of Securities Lending

State Street's Financial Digest of Securities Lending is an ongoing series of articles covering specific topics related to lending theory and practice.

State Street's Financial Digest of Securities Lending: An Introduction
A brief overview of the editorial mission of the Digest.

Securities Lending and the Asset/Liability Concept

Jeffrey Trencher, CFA and Sabrina Khan
This article introduces the asset/liability function in securities lending and the "three portfolio concept."

Risk and Return in Securities Lending

Jeffrey Trencher, CFA and Sabrina Khan
This article highlights many of the risks that impact earnings and net asset value in a securities lending program.

The Yield Curve and Performance in Securities Lending

Jeffrey Trencher, CFA and Sabrina Khan
This article discusses how interest rate expectations, as reflected in the yield curve, impact securities lending performance.

Credit Risk Measurement Within Securities Lending
Jeffrey Trencher, CFA and Glenn Horner, CFA, FRM
This article provides an overview of State Street's risk modeling for the reinvestment of cash (issuer credit risk or reinvestment credit risk) and the loan transaction (borrower credit risk).

Non-Cash Collateral
Sabrina Khan and Jeffrey Trencher, CFA
This article provides an overview of the practice of borrowers offering securities as collateral and briefly touches upon tri-party lending.

State Street's Financial Digest of Securities Lending
The entire series of articles in one PDF file.

White Papers

Securities Lending, Liquidity and Capital Market-Based Finance

(December 2001)