|
Article 53
|
A settlement-driven securities borrowing request shall be matched against one or more of the lending quotes available from among all lenders, in ascending order of lending rate, until the borrowing quantity is reached; if the borrowing quantity is reached at a rate at which the total quantity from all lending quotes at that rate is higher than the quantity needed to be borrowed, one or more of those lending quotes will be selected on a random basis for matching, until the needed quantity is reached.
The securities lending fee incurred on a given security shall be shared by all securities firms borrowing that security, on a pro rata basis according to their respective borrowing quantities.
|