188体育

Stock lending relief is primarily aimed at principal broker dealers but relief on 鈥楢gency鈥� stock lending is also permissible on-exchange. Agency lending is occasionally used where a loan or repo would otherwise not be eligible for relief because neither of the two parties involved is a member of a regulated market, MTF or recognised foreign exchange. By routing loans through a member, via what is called a 鈥榖ack-to-back鈥� principal transaction (i.e. generating a loan into and a loan out of the member firm), transactions may be brought 鈥榦n-exchange鈥� and accordingly eligible for relief.