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Lender

Direct Securities Lending Process. Lender. INITIATION OF LOAN. EXCHANGE OF SHARES AND COLLATERAL. MARK TO MARKET. RETURN OF SHARES AND COLLATERAL. Borrower. SSC / Securities Services. Direct Securities Lending Process. INITIATION OF LOAN. Lender. Lender agrees to

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Lender

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  1. Direct Securities Lending Process Lender INITIATION OF LOAN EXCHANGE OF SHARES AND COLLATERAL MARK TO MARKET RETURN OF SHARES AND COLLATERAL Borrower SSC / Securities Services

  2. Direct Securities Lending Process INITIATION OF LOAN Lender Lender agrees to Participate in Sec. Lending Borrower Borrower contacts Sec. Svc. To negotiate a Loan. SSC / Securities Services Sec. Svc. sets the terms Of the loan with the Borrower.

  3. Direct Securities Lending Process INITIATION OF LOAN EXCHANGE OF SHARES AND COLLATERAL Lender Borrower Borrower delivers Collateral to Sec. Svc. SSC / Securities Services Sec. Svc. sets the terms Of the loan with the Borrower. Securities Services Delivers the shares To the borrower.

  4. Direct Securities Lending Process INITIATION OF LOAN EXCHANGE OF SHARES AND COLLATERAL MARK TO MARKET Lender Borrower Borrower calculates Mark to Market each Day during loan. SSC / Securities Services Securities Services Delivers the shares To the borrower. State Street calculates Mark to Market each day During the loan.

  5. Direct Securities Lending Process INITIATION OF LOAN EXCHANGE OF SHARES AND COLLATERAL MARK TO MARKET RETURN OF SHARES AND COLLATERAL Lender END OF LOAN Lender has shares back In portfolio. Borrower At the end of the loan, The borrower returns Security to SSC. SSC / Securities Services State Street calculates Mark to Market each day During the loan. Once Sec. Svc. Receives The security, they return Collateral to borrower.

  6. Click Here for a Review of the Direct Lending Process

  7. Direct Securities Lending Process INITIATION OF LOAN EXCHANGE OF SHARES AND COLLATERAL MARK TO MARKET RETURN OF SHARES AND COLLATERAL Lender END OF LOAN Lender has shares back In portfolio. Lender agrees to Participate in Sec. Lending Borrower Borrower contacts Sec. Svc. To negotiate a Loan. Borrower delivers Collateral to Sec. Svc. Borrower calculates Mark to Market each Day during loan. At the end of the loan, The borrower returns Security to SSC. SSC / Securities Services Sec. Svc. sets the terms Of the loan with the Borrower. Securities Services Delivers the shares To the borrower. State Street calculates Mark to market each day During loan. Once Sec. Svc. Receives The security, they return Collateral to borrower.

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