Between Finadium’s two Investors in Securities Lending conferences in New York and London, almost 30% of audience questions focused on one topic: indemnification. It’s tough to make an analogy for indemnification in securities lending, although conference participants certainly tried: it’s like a “warm blanket”, it’s like a “seatbelt”, it’s like “life insurance” and, perhaps somewhat dramatically, it’s a “Ponzi scheme”.
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